CIM Group has made a play in Downtown Denver with the purchase of four luxury apartment highrises for $101.6 million.
The Los Angeles-based investor bought the X Denver 2, a 351-unit, 22-story complex at 1021 21st Street and 2120, 2126 and 2134 Arapahoe streets, in Five Points, the Denver Business Journal and Bisnow reported. The seller was The X Company, based in Chicago.
The deal works out to $289,459 per unit.
In 2020, CIM loaned The X $105.3M to build X Denver 2, according to public-records cited by Multi-Housing News. The senior note had a three-year term and variable interest rate.
Several liens have been filed against X Denver properties, according to city records.
The mixed-use X Denver 2 opened last year, offering such features as an event center, bar and lounge, coworking areas, pool, fitness center and 5,400-square-feet of shops and restaurants.
The 421,700-square-foot project sits within the Arapahoe Square urban redevelopment area, a 96-acre zone created by the city in 2011 that permits towers as high as 30 stories.
The apartment towers near Coors Field contain a members-only club, 650 bedrooms and furnished co-living suites, according to The X Company. There’s parking for 74 cars.
The X Company also owns the X Denver 1 apartment complex nearby at 3100 Inca Street. After opening in 2021, the firm trumpeted a rooftop “bark park” and custom-made smartphone app to reserve event spaces, allow remote entry and lock and unlock apartments and bedrooms.
In June, The X Company sold a Five Points parking lot to Denver-based kidney-care giant DaVita for $3.25 million, according to the Business Journal.
As of fall 2022, CIM Group owned 750 units of apartments and 225,000 square feet of offices in Denver, according to the firm. CIM, founded in 1994 by Shaul Kuba, Richard Ressler, and Avi Shemesh, has $28.6 billion in assets under management, according to its website.
— Dana Bartholomew
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