Denver, Colo. (February 20, 2020)
East West Partners, a Denver-based developer devoted to building, selling and managing high-quality real estate, and its partner Ascentris, a Denver-based real estate private equity firm, announced today the final sale has closed at The Coloradan, the first for-sale condominium building in the Union Station neighborhood.
The residences sold out in just 30 months, totaling $242 million in total sales volume.
The 334-unit, 19-story Coloradan began taking contracts in August 2017 and witnessed strong sales activity from the start. When construction completed in early 2019, the building was already over 90% pre-sold.
Sales prices ranged from $255,000 to $3,350,000, including the 33 affordable homes constructed under the previous Inclusionary Housing Ordinance (IHO). The average sales price excluding the IHO residences was $770,000. The final sale, Penthouse 1940, closed yesterday.
Buyers at The Coloradan ranged from first-time homebuyers to empty nesters, and from second homebuyers to road warriors who value the direct connection to Denver International Airport.
“Regardless of background, the overall sentiment we hear from homeowners is twofold: a love of the community and a love of the location,” said Amy Cara, Managing Partner of East West Partners, Denver. “Our homeowners love the culture we have cultivated in the building and the location is truly second to none. We are thrilled with The Coloradan’s overall success.”
Located directly behind Union Station, The Coloradan is home to studios, one-, two- and three-bedroom residences as well as penthouses. The building also features 22,000 square feet of curated retail including A Line Boutique, Pure Barre, Kaffe Landskap, Blo Blow Dry Bar, Slifer Smith & Frampton – Denver, Revolution Dry Cleaners and Union Hall. Sweetgreen, Alchemy Face Bar and Ghost Donkey are scheduled to open later this year.
Amenities include a 452-space parking garage with occupancy sensors and license plate readers to facilitate shared parking and maximize garage efficiency, a rooftop pool deck and club room, fitness room, owner’s library and garden terrace.
The Coloradan is also LEED Gold certified and Certified Healthy, a Denver-based certification program recognizing projects that integrate wellness standards and encourage healthy lifestyles.
“The Coloradan epitomizes luxury condominium living in the heart of downtown Denver,” said Jeffrey Stonger, Ascentris Managing Director. “The combination of a great location, distinctive design, world-class amenities and incredible views made the residences highly desirable, as evidenced by the rapid sellout of The Coloradan. Ascentris and East West Partners were able to identify and capitalize on the condominium supply and demand disconnect in the Union Station neighborhood early in its resurgence.”
About East West Partners
East West Partners is devoted to building, selling, managing and supporting high-quality real estate. Since 1986, the firm has developed and sold more than $3 billion of residential and commercial real estate.
One of its most recognizable projects is Denver’s Riverfront Park, a 25-acre development that transformed the Central Platte Valley into one of the city’s most desirable communities. East West Partners also played a key role in the redevelopment of downtown Denver’s Union Station neighborhood.
The company was named the No. 1 Large Company in The Denver Post’s 2019 Colorado Top Workplaces Awards. For more information, visit www.ewpartners.com.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado. With $1.6 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across major property types and geographic regions within the United States.
Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that allows its investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting its investors’ needs first.
Additional information is available at www.ascentris.com.
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