Northmarq completes $29 million sale of B Street LoHi Apartments in Denver, Colorado
DENVER (Sept. 26, 2023) — Northmarq’s Denver investment sales team led by Dave Martin, Rich Ritter and Brian Mooney completed the successful sale of B Street LoHi, a 73-unit apartment community located at 1736 Boulder St. in the Lower Highlands (LoHi) neighborhood of Denver, Colorado. Northmarq represented the seller.
The sale price of $29 million equates to $397,260 per unit, while the $568 per square foot sale price earns B Street LoHi the distinction of having achieved the highest per square foot sale price amongst assets with 50 units or greater in metro Denver thus far in 2023. The per unit and per square foot pricing of B Street LoHi clearly illustrates the immense desirability of the LoHi neighborhood, both from a resident and an investor perspective.
“The property's meticulous design and thoughtful execution of the development are clear,” said Ritter. “Palisade Partners did an exceptional job creating a product which has consistently appealed to residents seeking an urban living experience”.
“Palisade Partners had exceptional foresight developing B Street back in 2013 when the LoHi neighborhood was in its formative years, as LoHi has now emerged as arguably Denver’s most sought-after neighborhood,” Mooney added.
B Street LoHi's strategic location in the dynamic Lower Highland neighborhood, known for its cultural vibrancy and proximity to downtown Denver, played a pivotal role in achieving this extraordinary sale. The property's strong sense of community and consistent high occupancy rates made it a coveted asset for investors, offering both immediate returns and long-term growth potential. B Street LoHi offers an attractive mix of mostly one- and two-bedroom floor plans ideally suited for the discerning LoHi renter, and the ability to complete premium spec renovations to 100% of the units offers exceptional upside potential to capitalize on perpetual rental demand in the neighborhood.
“We are very excited to have sold B Street to a great buyer in The Paskin Group,” remarked Paul Brooks, founder and president of Palisade Partners, “B Street LoHi was one of Palisade’s first ground-up construction projects, and we have enjoyed watching the LoHi neighborhood develop around it over the past ten years. B Street has been a terrific project for Palisade and our investors, and we are very pleased to have completed this sale with the team at Northmarq.”
Michael Paskin, founder and CEO of The Paskin Group, commented on the acquisition stating, "We are excited to expand our presence in Denver, a dynamic city that continues to grow and attract both residents and businesses from all over the country. B Street LoHi Apartments fit perfectly within our vision of providing high-quality apartment homes in desirable locations. We look forward to integrating this property into our portfolio and ensuring our residents a fantastic place to live and our investors with a high quality, cash flowing investment set for long-term appreciation."
About Palisade Partners Inc
Palisade Partners is a real estate development firm with a focus on the development of thoughtfully-designed infill projects and community-focused residential projects. Palisade focuses its efforts on desirable locations, high-quality details and materials, community-centered development, and environmentally-conscious design. Palisade stands apart from the crowd by targeting projects that provide value and safety of investment and looking for deals where and when others are not. https://palisadepartners.com/
About The Paskin Group
Founded in 2006 by Michael Paskin, The Paskin Group is a leading real estate investment and management firm with a diverse multifamily portfolio of properties across 9 different cities in the US. With a focus on long-term growth, community impact, and value creation, The Paskin Group prides itself on its experienced team, operational excellence, and commitment to building lasting relationships with its employees, investors, and residents. https://thepaskingroup.com/
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
