"Arguably, one could make the case this is the nicestapartment building in the state," says Steve Rahe, an apartment broker with CBRichard Ellis, who handled the deal with CB broker Craig LaFollette ofHouston. "The quality of the construction, the finishes, the views, the lobby,the beautiful amenities--everything is absolutely first class."
The building soars 279 feet into the air, has Art Deco-inspired accents onthe exterior, and is minutes from the Cherry Creek shopping area. Cary Brutteig, principal of Apartment Appraisers & Consultants, saysthat Rahe isn't exaggerating.
He says monthly rents range from $1,319 to $5,454 for a two-story,townhome-style penthouse units. It's about 80% leased, he says. "This has many of the features you see in the high-end condos and lofts you see in downtown," Brutteig says. "In fact, most people thought a condo converter would buy it. But my understanding is Sentinel wants to keep operating it as an apartment."
John Nash, president of Hanover, says it has been very rewarding tosee response from consumers. But, he adds, he's "a little sad" to sell it, although he calls it a wonderful investment for the buyer. He says the building, which Hanover officially opened in February 2004, "represents a special style of real estate that showcases precision, thoughtfulness and quality in construction, design and finish that is not evident in an increasingly mass market world."
Hanover, however, will keep a presence in Denver. It currently isbuilding the 290-unit Boulevard, an upscale mid-rise apartment building atSpeer Boulevard and 9th Avenue, on the former Racine's restaurant site inthe Golden Triangle neighborhood.
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