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Investors Pay $55 Million for The Metro

For my first fancy post on the new DenverInfill, I thought I’d point out this press release I came across last month noting that the multi-housing wing of CB Richard Ellis Investors purchased The Metro apartment complex at 2121 Delgany for $55 million. The property located just a baseball’s throw from Coors Field, has won numerous urbanism awards for its development and site planning, including a ULI’s Pillars of the Industry award in 2004. View a Google map here.

2010-01-11_metro

The purchase was the largest multifamily investment sale in Denver in 2009 and had a significant impact on how the value of the overall multifamily market in Denver is determined, according to the Colorado Real Estate Journal. “Because there are so few sales, every sale is so important to determining value. The Metro’s sale represents where market value is today,” Cary Bruteig of Apartment Appraisers & Consultants told the publication.

It could also be an indicator of another trend: as investors begin emerging from the trenches in 2010, they’re going to be taking aim at Denver’s quality urban developments first.

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5 Comments

  1. Bill H says:

    I thought it might be interesting to see what tenants think of this location. Yikes.
    http://www.apartmentratings.com/rate/CO-Denver-Metro-Apartments.html
    Mixed opinions at best. The development seems to need more neighbors.

  2. Ken says:

    Bill, regarding more neighbors… the big Alexan Prospect project is under construction next door with 400 or so units. That should help.

    http://denverinfill.com/blog/2009/10/alexan-prospect-update.html

  3. Eleanor says:

    Welcome to Denverinfill, Jared! Thanks for your post.

  4. csales says:

    “there are so few sales”

    Think it might be because the place looks cheap and ugly ?!!!

  5. Andrew says:

    I lived there for a few months last year since my company paid for it while I relocated to Denver. It felt pretty isolated from downtown – walking under the bridge on 20th street wasn’t pleasant and could be downright scary at night. Better sidewalks, some restaurants, and better lighting could make it a much nicer place to live.