DENVER — The SkyHouse Denver apartment tower downtown has sold for $139.75 million.
BusinessDen reports that Equity Residential, a real estate investment trust based in Chicago, purchased the property at 1776 Broadway from developers Novare Group of Atlanta and Simpson Housing of Denver. The complex includes 354 units encompassing 279,075 square feet, plus 6,650 square feet of retail.
While owning a building seems like something every successful business should do, that’s not always the case. For many companies, it makes more sense to continue leasing space, freeing up time and capital that can be better utilized in other ways.
Developers began construction on SkyHouse in 2015, with completion in November 2016.