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It's a seller's market again for downtown condos

It’s a seller’s market again for downtown condos
BusinessDen file)
The lull in downtown Denver’s condo market appears to have ended.
In Denver’s 80202 ZIP code, which encompasses most of downtown, there were 99 active listings and 2.8 months of inventory at the end of April, according to MLS data. Anything under six months is considered to be a seller’s market.
“We anticipated an inventory crunch by the end of summer, but it seemed like it happened overnight when the governor announced his hope for a ‘close to normal Denver’ by the end of summer in March,” said Lori Greenly, founder of Denver-High Rise Living, which specializes in condo sales. “That one message seemed to be our turning point.” ....

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300 apartments planned as site by Globeville rail station sells for $16M

300 apartments planned as site by Globeville rail station sells for $16M
Thomas Gounley photo)
A pair of local developers have unloaded their site by a Globeville rail station to a New York-based firm planning apartments.
Brue Baukol Capital Partners and LCP Development, both Denver-based firms, were paid $16.1 million last week for the 689 and 725 W. 38th Ave. parcels, according to public records.
The parcels, which add up to about 3.9 acres, are just south of RTD’s 41st and Fox station.
The buyer was AMFP V Fox Station LLC, which is affiliated with Abacus Capital Group.
A local executive with the firm did not respond to a request for comment, but plans submitted to the city last year indicate Abacus wants to develop three five-story apartment complexes at the site, with about 300 units in total. There would also be an eight-story garage. ....

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Prime West pays $5M for site of planned Sunnyside apartment building

Prime West pays $5M for site of planned Sunnyside apartment building
BusinessDen file)
Prime West has closed on land in the Sunnyside neighborhood as the Denver-based development firm pushes into the multifamily sector.
The company paid $4.94 million in mid-December to secure 0.79 acres on the east side of the 4100 block of Jason Street, according to public records. That works out to about $144 a square foot.
The deal involves everything on the block north of Waldschänke Ciders + Coffee. The parcels are home to a pair of industrial buildings, as well as two single-family homes.
Prime West submitted a site development plan last spring, proposing the demolition of the existing structures and the construction of an eight-story, 208-unit apartment building. The site was subsequently rezoned by the Denver City Council. ....

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