Washington Park boutique apartments sell at new high price per square foot
The building has some surprisingly high-end amenities for its small number of units, according to the broker.
My Block Wash Park, a 107-unit boutique apartment building, sold for $63 million in a sale that is a new high-water mark for price per square foot in Denver, according to the building’s broker.
At 78,512 square feet, the building sold for $802.43 per square foot, a new high for the market. One of the last record prices per square foot was when Tennyson Place at 3885 N. Tennyson St. sold in December for $790 per square foot. In total, the 81-unit, five-story building in the Berkeley neighborhood sold for $32.4 million.
The building has been renamed to View at Wash Park.
The Washington Park property was sold by the Sepic family, who developed the building at 255 N. Washington St. in 2014. It was sold on March 23 to an entity affiliated with Seagate Colorado Partners LLC, which consists of local Colorado partners Trent Isgrig and Jeff Urbanski, as well as California-based partners Mark Polite, Wick Polite and Dennis Fisco.
Robert Bratley, JLL senior director of capital markets; Jordan Robbins, JLL senior managing director of capital markets; and Pam Koster, JLL managing director of capital markets, represented the seller in the deal.
“We are thrilled to purchase My Block Wash Park and rebrand it as The View at Wash Park,” Mark Polite told the Denver Business Journal. “It’s one of the finest communities in all of Denver with an unparalleled rooftop pool, bar and decks.”
Seagate’s plan is to make various common area and unit upgrades and maintain the “first-class operations for the benefit of all our residents,” Polite said, adding that “a lot of people would call it condo-quality.”
Bratley told the DBJ that the building is unique for a few reasons. First, the seller wasn’t a large commercial real estate developer but rather a private family that had been very hands-on with the property up until the time of the sale, he said.
Second, for just 107 units, the building had many amenities. The six-story building has a rooftop pool, a yoga and fitness center, bike storage and storage lockers. It also has a lounge on the fourth and fifth floors. The roof also has a stocked bar with a weekend bartender, giving residents an extra sense of luxury.
“You don’t see a bar on a rooftop at pretty much any building, whether it’s 500 or 50 units,” Bratley said.
The View at Wash Park has floor plans ranging from 581 to 1,087 square feet, according to its website. One-bedroom units start at $1,775 and two-bedroom units start at $2,795.
“If this shows me anything that is a trend moving forward, I hope more boutique buildings that are built are highly amenitized,” Bratley said. “It’s one of the only buildings that is pretty much 100 units or below that has a rooftop pool. That’s uncommon. I can’t think of a building under 200 units with a rooftop pool…. I hope that maybe this starts the trend of some of these smaller buildings being more highly amenitized.”
There are some smaller buildings in Denver with high-end amenities. The 81-unit Tennyson Place, for example, includes a pet spa, bike repair, business center, sky deck, clubhouse and community rooms.
The Overland, near South Broadway, sold last month for $57.5 million. That eight-story, 140-unit building — which Bratley also represented — has amenities that include a pool, rooftop deck and on-site Biergarten. Also in February, The Lydian sold for $66.2 million. The 129-unit building in Five Points has ground-floor retail, including a craft cocktail bar, an outdoor fire pit and a rooftop pool.
The Walcott Jefferson Park, which sold in October for $56 million, is a 122-unit building with a rooftop fire pit, resident lounge and athletic club. Last year, The Mezz at Fiddler’s Green, a 149-unit apartment building in the Denver Tech Center, sold for $47.78 million. That building, which was “built to a boutique scale” but with “amenities sized to a more traditional 300-unit project,” according to the broker at the time, has a fitness center, electric vehicle charging stations, an outdoor kitchen and firepit and a pet grooming area, among other offerings
In November, Seagate sold Arista Uptown, a 272-unit garden-style apartment community in Broomfield, for $95 million. In December, the firm purchased Clear Creek Crossing in Wheat Ridge for $142 million,
Jensen Werley
Reporter
Denver Business Journal
In the Media – Green Street Real Estate Alert