Any development in Denver’s newest neighborhood in the Central Platte Valley adjacent to Union Station is highly anticipated. And, at the beginning of the New Year, the first apartment building in the budding space between Lodo and Lohi welcomed its tenants. This past week, the developers of Cadence Union Station apartments, which is 20-percent leased, announced they sold the building to what they identified as an institutional client of Invesco Real Estate. (The Denver Business Journal reported the sale was worth about $70 million.)
“We had a distinct advantage by being the first to build in the Union Station neighborhood, acquiring what’s arguably the best location and building an asset that we believe will show itself to be one of enduring value,” said David Zucker, principal of Zocalo Community Development. “Invesco’s focus on the strength of Union Station, the location of Cadence and its quality are aligned with our development ethics. We sense in Invesco a shared commitment of stewardship, making them an apt purchaser of this incredible asset.”
The Cadence project is just one of several new apartment buildings slated to open in the Mile High City. In fact, as of the end of 2013, more than 70 apartment projects were under construction in Denver, most of which were located downtown. The question is, when these roughly 10,000 new units are finally all open, how will the flood of projects have changed Denver’s rental landscape?