(To read more on the multifamily market, click here.)

DENVER-Corum Real Estate Group is converting its Midland Lofts into condominiums. The units are aimed at young professionals working downtown, who are priced out of the downtown market. In many cases, the after-tax ownership cost will be close to what tenants currently pay in rent, says Ivy Downing of the St. Charles Town Co., who is marketing the units for Denver-based Corum.

The building, at 444 17th St. at the corner of 17th Street and Glenarm Place, was purchased and remodeled by Corum in 2000. Before that, it sat empty for almost a decade, with the exception of the ground floor.

The building has 83 units, 65 of which are priced at less than $200,000. It offers studios, one and two-bedroom lofts with a variety of floorplans. Downing has given each model a name, such as “Gucci Girl,” “Outdoor Guy” and “Cool Guy,” to describe what she considers the type of buyer for the various floorplans. Units range in size from 449 to 1,065 sf. Corum will also be expanding the health club in the building.

“The building has historic character and architectural significance, yet it is new in all the ways that matter,” says Jamie Fitzpatrick III, executive vice president of Corum. When Corum bought the building, it had it placed on the State Register of Historic Properties by the Colorado Historical Society.

Every unit can be purchased “as is,” or can be upgraded with granite countertops, hardwood floors new carpets and new lighting. So far, most buyers are choosing to buy the units “as is,” Downing says. In addition to young professionals, several parents have purchased units for their children, she says. In one case, the son of a Canadian businessman will be attending the University of Denver in the fall, so he bought a unit, she says.

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