California Lender Acquires Denver Apartment Property For $102M
The high-end X Denver 2 high-rise apartment community near Coors Field appears to have been purchased by the development's California-based senior lender for $102M.
Four properties at 1021 21st St., 2120 Arapahoe St., 2126 Arapahoe St. and 2134 Arapahoe St. in the Five Points neighborhood were purchased by Los Angeles-based lender and developer CIM Group, according to documents filed with the city and first reported by the Denver Business Journal. Those addresses align with the X Denver 2 apartment community.
CIM Group loaned Chicago-based developer The X Co. $105.3M to build X Denver 2 in 2020, according to public-records reporting by Multi-Housing News. The senior note had a three-year term and variable interest rate, MHN reported at the time.
Several liens have been filed against X Denver properties, according to city records.
CIM Group owned several Denver multifamily and office buildings with about 750 units of housing and 225K SF of office space as of September 2022, according to company releases. In all, the company says it has a portfolio worth $28.6B that spans the Americas.
The 22-story, 650-unit X Denver 2 opened in 2023. Amenities include an event space, a bar and lounge, coworking spaces, a pool and a fitness studio.
The 422K SF mixed-use project sits in the Arapahoe Square urban redevelopment area, a 96-acre zone designated for activation by the Denver City Council in 2011. Part of the redevelopment plan included changing the zoning so that towers as high as 30 stories could go up in the area.
The property has 5,375 SF of retail space, including the infrastructure for restaurants.
An additional X-branded community is nearby at 3100 Inca St. Upon opening X Denver 1 in 2021, the X Co. touted a rooftop “bark park” and custom-made smartphone app that could be used to reserve event spaces, allow remote entry into the building and remotely lock or unlock apartments and bedrooms.
The X Co. sold a Five Points parking lot to Denver-based kidney-care giant DaVita for $3.25M in June, the DBJ previously reported. Denver developers Continuum Partners and Goshen Development are working with DaVita to build workforce housing at the 2000 Welton St. location.
