Photo: $82 million dollar One Observatory Place
According to the Denver Business Journal, one of the most expensive real estate transactions in Denver history just took place near DU for a jaw-dropping $82 million dollars. Located at the S.E. corner of University and E. Evans Ave., the property includes 213 apartments in 11 stories and 23,366 square feet of retail that is occupied by tenants such as Qdoba and Bank of America. The per-apartment price, excluding the retail space, was about $345,000, the highest ever paid for a 50-plus unit apartment complex in Denver.
“The proximity to the University of Denver and its position on the corner of a prominent intersection in a prestigious neighborhood helped to push the value of One Observatory Park, which achieved record pricing,” said the director for the seller, Urban West Group. “Buyers were attracted to the long-term stability that this location will provide.” Buyers must like congestion, too, as back-ups are a regular occurrence at DU’s signature intersection.