announced today that it recently completed the $23.4 million sale of the newly constructed, 82-unit 1515 Flats multifamily development located at 1515 Vrain Street, just south of Sloan’s Lake in Denver. CBRE’s Dan Woodward, David Potarf and Matthew Barnett represented the seller, Vrain Street Investments of Denver. The buyer, Cardinal Group Acquisitions, also of Denver, purchased the property as part of a 1031 exchange in a sale that closed May 30, 2018. The property, which was developed by CRE Investments and zerosixthree design + development, is currently waiting on its final certificate of occupancy and plans to open in the coming weeks.
“1515 Flats meets a specific demand rising in urban areas from renters who do not want to sacrifice luxury amenities or interior finish for accessible rents. This project specifically worked well as the in-fill location is close to downtown, provides great access to recreation, and is surrounded by a growing number of retail amenities,” said , Senior Vice President with CBRE Capital Markets in Denver.
Standing five stories, 1515 Flats is a modern-style midrise built upon one level of underground parking and 5,528 square feet of retail space. The mix of studio and one-bedroom units offer an average size of 493 square feet. The building was designed to maximize views of downtown, Sloan’s Lake and the Rocky Mountains, including a multi-level rooftop deck and private resident balconies. The development is located on the northwest corner of West Colfax and Vrain Street, two blocks south of Sloan’s Lake Park and about five minutes from downtown Denver via bike, car, bus or light rail.