DENVER—Chicago-based pension fund advisor Heitman Financial Ltd. set a record high price mark in buying the 337-apartment complex Commons Park West—a remarkable $346 per square foot, or $291,000 per unit.
JPMorgan Chase sold the Class A building, at 1550 Platte St., near Commons Park for $98.1 million, according to the Denver Business Journal.
“Commons Park West is a great story for Denver,” said David Martin, managing partner of Mountain States Moran & Co. who represented the seller with partner Pam Koster.
“Here was a deal which was acquired at the peak of the market in July 2007, at what was record pricing at the time [$262 per square foot]. Even after enduring the 2008 downturn and subsequent economic issues, it sells five years later for 32% more.”
CBRE Group Inc. brokered the 2007 sale at $75 million or $220,588 per unit.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
