Saturday, October 23, 2021

New apartment complex in Denver’s Uptown sells for $181M

A new apartment complex in Uptown, cited as an example of a “win-win” between conservation and development interests, has changed hands.

Chicago-based AMLI Residential purchased the 316-unit complex at 1633 N. Pearl St. in Denver for $181 million last week, according to public records.

Formerly known as Bespoke Uptown, the campus is now renamed AMLI in Uptown. The deal, which did not include the project’s retail space, works out to $572,584 per unit.

The complex, which tops 10 stories, was developed by Nashville-based Southern Land Company and opened in January. It spans the entire west side of the 1600 block of Pearl Street.

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The property was previously home to a large mid-block parking lot, with a small apartment building and Tavern Uptown restaurant building to the south and an adjacent commercial building to the north.

Southern Land purchased the site for $11.5 million in 2015, records show, from Denver-based Tavern Hospitality Group, which operates the Tavern chain.

Southern Lands originally planned to demolish the Tavern building. But neighbors pushed against the idea.

Thomas Gonley, BusinessDen

The apartment complex as seen from the corner of 17th Avenue and Pearl Street, with the East Tavern Uptown building leading the way.

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