The building is two blocks from Cheesman Park and a block from the Botanic Gardens in the popular neighborhood. The company says it was drawn to the property because of its location, solid construction and because it is a value-added opportunity as it is in need of a capital infusion for remodeling. RedPeak plans to reposition the property, either as a multifamily rental property or by converting it into condominiums.
The Tolstoi House opened in 1964 by a philanthropic group funded in Denver in 1911 by women to assist organizations and individuals. The guild raised the money for the Tolstoi House, which for many years provided lodging for its senior citizens and also served as a location for fund-raising and social events. The top floor is still used for social events, card parties and luncheons.
Sackman Enterprises, LLC acquired the property in 1976. RedPeak has acquired five properties in the past 30 months.
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