Originally published: multifamilydive.com

Property: 2828 Zuni
Buyer: Timberlane Partners
Seller: Withheld
Property type: Mid-rise
Units: 105
Location: Denver
Purchase price: $40.5 million

With more capital coming into the multifamily arena, the apartment sales market is starting to thaw. 

“The market is working,” Dan Woodward, managing director of Bethesda, Maryland-based real estate finance and advisory services firm Walker & Dunlop Investment Sales, told Multifamily Dive. “Sellers and buyers are moving toward a transactional price.”

There are multiple reasons for sellers and buyers coming together, according to Woodward. “Sellers are starting to budge on pricing, and debt quotes are stabilizing and moving down,” he said.

As the market picks up, properties like 2828 Zuni are starting to move. Earlier this month, Seattle-based real estate investment, development and asset management company Timberlane Partners secured the 105-unit luxury apartment community located in the heart of Denver’s Lower Highland neighborhood for $40.5 million. 

The Walker & Dunlop Denver investment sales team arranged the transaction on behalf of their client, an institutional seller, and Timberlane Partners. Woodward said interest in the property was “very strong given the size and location of the project.”

Financing was not an issue for the buyer. “They had varying options between agencies and life companies,” Woodward said.

2828 Zuni, built in 2013, offers walkable urban amenities. It is positioned at the intersection of Interstate 25 and North Speer Boulevard, adjacent to Downtown Denver’s Platte Street and Union Station corridor and proximate to Denver’s central business district. 

Rents range from $1,881 to $3,050 for the property’s studio and one- and two-bedroom apartments, according to Apartments.com. Amenities include package service, a clubhouse, a lounge, a fitness center and a sundeck.

Timberlane plans “light upgrades to the amenity space, not much to the units,” according to Woodward.