Heitman Financial Ltd. has purchased Commons Park West – a 337-unit apartment complex in Denver’s Central Business District – from JPMorgan Chase for a $98.1 million ($346/sf or $291,000/unit), according to Denver Business Journal. The transaction sets the record for the highest per-square-foot sale price for an apartment building in downtown Denver.

The same property also set the record in July 2007 when it was acquired for $75 million ($262/sf or $220,588/unit), according to the article. The property appreciated by 32 percent during the past five years despite the 2008 financial crisis and the resulting economic downturn.

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Commons Park West - Photo: Alliance Residential Company

Last Updated on January 29, 2013 by Ramin Seddiq