19 Dec Southern Land Company Completes Sale of First Denver Community, Centric LoHi
Southern Land Company (“SLC”) has sold Centric LoHi, the luxury apartment community in the Lower Highland neighborhood of Denver, Colorado. Spread between two buildings between 18th and 19th Streets, Central Avenue and Boulder Avenue, the property was Southern Land Company’s first project in the Denver market. The sale closed Monday, December 17th, 2018.
“We’re tremendously proud of the success of Centric LoHi, which introduced our high-quality, luxury placemaking to the Denver area,” said Tim Downey, Southern Land Company CEO. “It resonated quickly with the market, reaching 90% leased in just over 10 months, and today is a thriving community in one of the most dynamic neighborhoods in Denver. As with all of our projects, it was designed to thrive for decades to come, and we have full confidence it will continue to do just that under new ownership.”
Now near capacity, Centric LoHi features 42 studios, 50 efficiencies, 140 one-bedroom apartments and 70 two-bedroom apartments bolstered by upscale features including a resort-style, saltwater pool and hot tub, 24-hour fitness center and an on-site pet grooming salon. In addition, residents have flocked to its many courtyards, Club Room, game room, wine lounge, and the rooftop deck overlooking downtown Denver.
The mixed-use community also features 9,300 square feet of restaurant space, which now includes award-winning favorites like The Bindery, a concept from renowned local chef Linda Hampsten Fox which was voted 5280 Magazine’s Reader’s Choice Best New Restaurant for 2018, and upscale Italian café, Marcella’s.
A full-service development company, Southern Land Company executed every stage of the project’s lifecycle from land acquisition and to development through leasing to property management. This included incorporating a number of green features into the development, such as Energy-Star rated appliances, on-site recycling services and covered bicycle and ski equipment storage spaces.
“This is just the start of our work in Denver. We recently opened our Western office there, and we have two new multifamily communities under construction as well as a master-planned single-family community in development,” added Downey. “We see it as one of our most critically important markets. We love the city and love creating unique communities here.”