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Simpson pays record price for LoHi land

Highlights:

  • Simpson Housing pays record price for LoHi land.
  • Sagebrush was seller.
  • Records show land sold for $5.4 million.
Simpson Housing is expected to start construction soon on the 114-unit LoHi City Views.

Simpson Housing is expected to start construction soon on the 114-unit LoHi City Views.

Denver-based Simpson Housing LLC has paid what is believed to be a record price for land at a key site in the trendy Lower Highland neighborhood.

While the sales price was not disclosed, records show that Simpson Housing paid $5.4 million to Denver-based Sagebrush Cos. for the ready-to-develop site at 17th and Boulder streets. The parcels have a total of 23,847 square feet, which equates to a sales price of about $226 per square foot. Simpson is renaming it as Studio17 LoHi.

Records also show that in March 2012, Sagebrush paid $1.87 million for the site almost a year and a half ago.

Sagebrush, a diversified real estate investment group that develops and manages properties, planned the 114-unit, five-story luxury apartment community called LoHi City Views Apartments on the site.

Simpson will now be the the developer.

LoHi City Views would include 138 structured underground parking space, 110 storage units and a rooftop deck with dramatic and panoramic views of downtown Denver’s skyline.

Sagebrush partnered with DAE  to bring the land to its “shovel ready” status, with groundbreaking scheduled soon. According to DAE’s website, it will cost $15 million to construct LoHi City Views .

Beck Architecture created the plans for the rental apartment enclave, which is scheduled for completion in 2014.

“Sagebrush purchased the site in March 2012 and subsequently took the property through site planning and development preparation, including demolition, entitlement and permitting processes,” said Donald W. Caster, principal and vice president of Asset Management/Development for Sagebrush Cos.

“There were originally four structures on the land when we acquired it, including three homes and one office building.”

Caster said Sagebrush is “currently pursuing other prime development locations in LoHi to build multi-family residences, including townhomes which are in high demand and in short supply.

“We will either take future properties to construction-ready stage and sell them, or bring in a partner for a joint venture development,” he continued.

Sagebrush, spearheaded by primary principal and founder Robert P. “Jake” Jacobsen, and Todd Heinzeroth, principal, CFO and controller, currently owns about 2,600 units in Denver as well as outside of Colorado.

Interested in buying a home in LoHi? Please visit COhomefinder.com

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

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