RedPeak Properties has acquired the Coachman Apartments, an 82-unit multifamily community at 1044 Downing St. in Denver's Capitol Hill neighborhood.
Denver-based RedPeak paid $13.45 million for the property, which had been owned by a family partnership since it was built in 1970.
"We were able to provide the family with a seamless transaction at a top market price, something that many property owners appreciate when working with RedPeak on transactions," says Bobby Hutchinson, investment director at RedPeak. "We're looking forward to continuing to address market demand and provide the type of communities that our residents are proud to call home."
RedPeak is planning an extensive renovation of the Coachman to include all new kitchens and baths, as well as common areas.
In recent months, RedPeak has purchased six other urban, multi-family properties including 1075 Corona St., 880 and 890 Dexter St., 825 Dahlia St. and 70 Clarkson St. It also recently completed the renovation of the historic Burnsley Hotel at 1000 Grant St. into a modern apartment building.
RedPeak's portfolio includes more than 2,200 units in Capitol Hill, Cherry Creek, downtown Denver, Governor's Park, Greenwood Village, Hilltop, Littleton, Uptown and Washington Park.
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
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