Equity Residential Buys SkyHouse Denver High-Rise
SkyHouse Denver also includes 6,650 square feet of street-level retail and parking for 485 vehicles.
DENVER—Equity Residential has reportedly acquired the recently completed SkyHouse Denver residential tower here for nearly $135 million.
The 354-unit multifamily high-rise was completed in 2017 and was sold by developers Simpson Housing of Denver and Atlanta-based Novare Group.
Brokerage firm JLL announced the sale of the Downtown Denver property but did not divulge any financial details of the transaction. According to a report in the Denver Business Journal, the SkyHouse Denver tower traded for $134.8 million to Equity Residential.
David Martin, Pamela Koster and Mike Grippi represented Simpson Housing and Novare Group in the transaction.
“The SkyHouse transaction reaffirms the commitment of established institutional capital to the expanding central business district multifamily market, and is a testament to the continued strong outlook for apartment rent growth and leasing in downtown Denver,” says Koster.
SkyHouse Denver also includes 6,650 square feet of street-level retail and parking for 485 vehicles. Its amenities include a rooftop pool, open air lounge, fireplaces, outdoor grilling stations, fitness and business centers, a clubhouse/game room, storage units, bike, ski and snowboard storage and a 24/7 concierge.
“Skyhouse Denver is a fine example of the power of partnership that the Simpson investment program brings to the table. Simpson’s investment acumen, coupled with Novare’s excellent execution, led to a very successful development. The amenities are best in class with the only rooftop pool downtown, and clearly the ample parking is a major plus for residents,” Martin says.