Apartment complex by Mile High fetches $145M; no residents yet

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The Luxe at Mile High apartment complex sold for $145 million. Photo: Thomas Gounley/BusinessDen

DENVER — One more massive multifamily deal — this one a bit atypical — sneaked in before the champagne and fireworks.

On Dec. 31, the yet-to-open Luxe at Mile High complex at 3200 W. Colfax Ave. sold for $145 million to OZH Holding 2 LLC, according to public records.

The purchasing entity lists an office address corresponding to an Industrious coworking location in Bellevue, Washington.

The complex right by the Federal Boulevard/Colfax Avenue interchange has 382 units, according to Embrey’s website, making the deal worth $379,581 a unit. It was sold by San Antonio-based Embrey, which purchased the 4-acre site in December 2016 for $8.13 million, records show.

Most multifamily sales take place after residents move in, when the developer can show prospective buyers strong leasing numbers. That wasn’t the case at Luxe, however. The complex lacks a certificate of occupancy. A representative who answered the complex’s phone number Thursday said the first residents are expected to move in come February.

Read more on BusinessDen.com.

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