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Record Price Paid for Apartments

DENVER-Boston-based General Investment & Development Co. pays $78.7 million to Dallas-based JPI for the 652-unit Jefferson at Meridian. The seller probably would have been higher had JPI waited to increase occupancy.

By John Rebchook | Updated on July 09, 2001

DENVER-Boston-based General Investment & Development Co. has paid $78.7 million to Dallas-based JPI for the 652-unit Jefferson at Meridian in the Meridian International Business Park along Denver’s southeast suburban corridor. “It is the largest (apartment) sale in the history of Denver for a single asset,” says Jeff Hawks, who handled the transaction with fellow Grubb & Ellis broker Doug Andrews.

“In fact, the next closest sale was last year, when JPI sold the Jefferson at Lowry for $51 million,” he adds. “So this exploded past that one.”

Tim McEntee, JPI’s divisional president in Denver, says he thinks he could have sold it for even more if he waited longer to lease it up.

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