Transwestern Closes $25M Sale of Mixed-Use Denver Asset

Allante Properties sold Highland Place, a 54,557-square-foot property consisting of 68 units and five retail stores. Denver Regional Investment Properties LLC acquired the asset.

The Highland Place in Denver
The Highland Place in Denver

Transwestern represented the seller, Allante Properties, in the disposition of Highland Place, a mixed-use property in Denver. Denver Regional Investment Properties LLC purchased the 54,557-square-foot building for $24.5 million. The asset comprises 68 units and five retail stores.   

Located at 3372 W. 38th Ave., the 2014-built property provides easy access to the junction between interstates 25 and 70. The building is less than a mile from more than 100 restaurants, bars, salons, coffee shops, grocers and fitness studios, including the popular Tennyson Street and 32nd Avenue shopping districts. According to Yardi Matrix data, the community includes a fitness center, clubhouse and 143 parking spaces.

“It’s very hard to find a brand new, under 70-unit community with such a great location and amenity package, demonstrated by the strong investor interest this asset received,” said Tom Wanberg, senior vice president of Transwestern Denver, in a prepared statement.  

Wanberg, Vice President John Blackshire, Managing Directors Brad Cohen and Larry Thiel from Transwestern’s Denver office represented the seller in this transaction.

In another recent deal, Rytec Corp. purchased a 130,300-square-foot manufacturing facility in Hartford, Wisc. Transwestern facilitated the transaction on behalf of the buyer.

Image courtesy of Transwestern