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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