The 287-unit luxury Platform at Union Station apartment building in Lower Downtown sold for $125.5 million to Griffis Residential in what is said to be one of the largest multifamily property transactions in metro Denver in 2023.
The 21-story building at 1650 Wewatta St. was built in 2015, directly adjacent to Union Station. Holland Partner Group in Vancouver, Wash., developed the apartment building. City records listed Union Station Investors LP in New York as the former owner.
The deal closed Dec. 29.
“Platform at Union Station is one of Denver’s most-iconic high-rise apartment communities located at the epicenter of downtown Denver,” said Terrance Hunt, vice chairman of the commercial real estate firm CBRE.
Hunt, Shane Ozment, Chris Cowan, Andy Hellman, Justin Hunt, Chris Hart and Brad Schlafer with CBRE’s multifamily investment properties team in Denver represented the seller. The buyer paid all cash, CBRE said.
Griffis Residential, based in Greenwood Village, has renamed the property Griffis Platform Union Station. The company’s other properties include Griffis LoDo, Griffis Union Station, Griffis North Union, Griffis Cherry Creek and Griffis Cherry Creek North.
The company also has properties in Austin, Texas; Seattle; San Diego; and Los Angeles.
Ozment, CBRE vice chairman, said in a statement that while the market was volatile last year, “buyers were able to see past the near-term disruptions and focus on the long-term viability of this asset.”
The rising cost of home ownership is driving demand for rental units, CBRE said. According to the firm’s research, the average monthly payment for a single-family home in metro Denver was 2.2 times greater than the average monthly rent as of the third quarter of 2023.
Before the coronavirus pandemic, the long-run average number of years in rental payments to equal a 20% down payment was 3.4 years, CBRE said. Currently, it would take 4.9 years of rent to equal a 20% down payment.
Griffis Platform Union Station has a LEED Gold certification for environmental sustainability. The apartments are a mix of studio, one and two-bedroom units with an average square footage of 814. Amenities include a rooftop terrace and pool, a 24-hour fitness center and yoga studio, an indoor dog run and business and coworking centers.
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