Originally published: denvergazette.com

An apartment complex in Denver’s Lower Highland neighborhood sold for $40.5 million.

Seattle-based investment firm Timberlane Partners announced Monday it bought 2828 Zuni, a 105-unit luxury apartment complex in LoHi.

The apartment complex is the firm’s first purchase in Denver, said Timberlane Partners co-founder Dave Enslow in a press release.

The investment firm has more than $1 billion in real estate across the west coast and the Mountain West, according to Timberlane Partners and Enslow said the firm plans to expand more across the Denver metro area. Its portfolio includes apartment complexes in Washington, Texas, California and Utah. 

The Denver property built in 2014 was previously owned by a corporation tied to UBS Realty Investors based out of Connecticut. The Swiss bank affiliate bought the property in 2015 for $32 million, according to city property records.

Timberlane Partners said it bought the complex for its closeness to downtown Denver, Union Station, the Cherry Creek Trail, Confluence Park, Interstate 25 and North Speer Blvd.

“We like to purchase assets that are proximate to major employment and quality of life hubs,” Enslow said.

Timberlane Partners plans to make “significant enhancements” to the complex, the release said, specifically in the common room and individual units.