DENVER-The 696-unit Post Uptown Square apartment community here has changed hands for $118 million. Publicly held Post Properties of Atlanta sold the property through an IRS 1031 exchange facilitator to an undisclosed buyer. The property is encumbered with $40 million of secured debt that was assumd by the new owner.

Post Uptown Square is mid-rise apartment community located at 1950 Pennsylvania St. in Downtown Denver. The complex was completed in phases from 1999 to 2001 as part of a redevelopment of the old St. Luke’s Hospital.

Post Uptown Square includes 34,000 sf of retail space. The apartment units average 800 sf. An executive with Post could not be reached Wednesday for comment.

Post Properties is a multifamily REIT that develops and manages for-rent and for-sale properties and also converts existing apartment properties to condominiums. It was represented in the Uptown Square disposition by Jeff Hawks and Doug Andrews of Denver-based Apartment Realty Advisors.

Post’s portfolio includes 21,722 units in 61 communities. The Company also is developing 230 for-sale condominium units and is converting 597 apartment units in four communities.

The Bascom Group also recently acquired an apartment property here, 12 miles north of Downtown at 11450 Melody Dr. in the community of Northglenn. The Irvine, CA-based investor paid $12.9 million for the Village at North Hills, a 168-unit luxury community.

The seller was a related entity, Bascom Melody Drive LLLP. Chuck Sweeney and Frank Farrell of Hendricks & Partners represented the seller and James Reed of Lincoln Consulting Group represented the buyer. OMNI Property Management will be providing property management services.

Located near the intersection of I-25 aand West 120th Avenue, the Village at North Hills has a fitness center, pool, spa, garages and clubhouse. The units average 894 sf and include “gourmet” kitchens, dishwasher, washer/dryer, individual air conditioning/heating, private patio or balcony.

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