Avanti Residential Acquires 88-Unit Park Cheesman High-Rise in Denver for $31 Million
Avanti Residential has completed the acquisition of Park Cheesman, an 11-story high-rise apartment building located at 1177 Race Street in Denver's Cheesman Park neighborhood. The transaction closed on October 27, 2026, for a total purchase price of $31 million, averaging approximately $352,273 per unit. The acquisition includes the assumption of existing long-term fixed-rate debt from Nationwide Life Insurance Company, supplemented by new financing from the same provider. Avanti Residential plans to bring property management in-house, leveraging its centralized operating model for mid-sized multifamily communities. The investment comes amid a period of reduced new multifamily construction in the immediate area and sustained renter demand. The asset's location is noted for its scarcity, situated directly on Cheesman Park with upcoming transit improvements via the East Colfax Bus Rapid Transit line scheduled for 2027.
Topics: Denver Real Estate Market Multifamily Real Estate Property Acquisition