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Park One Hundred Trades for $23M

DENVER-Waterton Associates sells the 158-unit apartment high rise to Silverstone Communities for $23 million. The buyer, an affiliate of San Francisco-based Hearthstone, plans to turn it into condos.

By John Rebchook | Updated on March 26, 2006

(To read more on the multifamily market, click here.)

DENVER-Silverstone Communities, which has a local office and is an affiliate of Hearthstone of the San Francisco area, recently paid $23 million for the 21-story Park One Hundred apartment community in the Uptown neighborhood near Denver’s Central Business District. Officials at Silverstone plan to convert it into condominiums. Condos will be priced from the low $200,000s, Jeff Wikstrom, president of Silverstone tells GlobeSt.com. Wikstrom previously was with Hines and Trammell Crow Co. in Colorado.

Doug Andrews and Jeff Hawks of the Denver office of Apartment Realty Advisors represented the seller, Waterton Associates of Chicago. Silverstone paid $145,570 per unit for the 158-unit development, far below replacement cost. Units range in size from 725 sf to 1,250 sf, Wikstrom tells GlobeSt.com. The apartment building is 98% occupied. Renters, many of whom work at nearby hospitals, are being given the first opportunity to buy the units, he tells GlobeSt.com.

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