The seller was WMFMT Real Estate Limited Partnership of Dallas.
A Colorado company, Tower Speer LLC will continue to operate it exclusively for the elderly and disabled. The new owners, however, are renaming it The Tower at Speer.
''It was nice to be involved in the sale of a property such as Tower Speer,'' says Jeff Hawks, senior vice president with the Colorado multifamily housing properties team of Grubb & Ellis. ''This was one of the few buildings in Colorado that is new and caters to the elderly and handicapped.''
The property's location, minutes from Downtown was key, says Doug Andrews, also a senior vice president at Grubb.
''There is a great need for affordable housing in Denver, especially for the elderly and disabled," he says. "This new owner intends to continue catering to these types of tenants. The entire Parkway community shows that it is possible for the city and the developer to work together to create a successful mixed-use development.''
The Parkway community was developed with an office building, a King Soopers grocery store, the 100-unit Denver Tower, 660 luxury apartment units and the 172-unit Tower at Speer. Jerry Biehl currently is developing the Denver Tower at 13th Street and Speer Boulevard into condominiums. It's about 50% sold, and despite the sluggish apartment market, there are more than 140 people on a waiting list to live at Parkway Place.
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