Alexan 20th Street Station, a 354-unit Class A + apartment building in downtown Denver, was sold to an affiliate of The Blackstone Group Inc. (NYSE: BX) for $ 130 million, according to real estate reports. The new build was delivered in 2019 and is located at 2080 California Street.
Newmark Vice Chairs Terrance Hunt, Shane Ozment and Chris Cowan, Senior Transaction Manager Amanda Meldrum and Transaction Manager Craig Ratterman represented the seller Trammell Crow Residential on the transaction.
“The Denver multi-family market exceeded expectations in 2020,” said Terrance. “Denver remains a top destination for business expansion and relocation, and Alexan 20th Street Station is expected to benefit from this market growth in 2021 and beyond.”
According to Newmark Research, Metro Denver has absorbed 8,340 units in the past 12 months despite the tremendous headwind from the pandemic. Denver is predicted to outperform in a post-COVID-19 environment as employers and workers seek to move to cities with high lifestyles and good access to nature. There has already been a wave of migrants from Denver to Denver
High density coastal markets.
“The Alexan 20th Street Station is an outstanding result for our company in the attractive submarket in downtown Denver. Denver remains a great place to live and one of the most resilient markets in the country, in dire need of more quality rental housing to meet growing demand, ”said Jarvie Worcester, General Manager of Trammell Crow Residential.
Amenities at the 12-story property include structured parking, a pool and spa, two decks on the 5th floor, a state-of-the-art fitness center, multiple common areas and work areas. Finishes on the unit include quartz countertops, stainless steel appliances, modern cabinets, tile backsplash, large undercounter sinks, plank floors, high ceilings, laundry in the unit, and more.