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Carmel Partners buys Denver apartment building for $110 million
The 282-unit, 11-story property, The Fitzgerald at 1840 Market St., was refinanced in 2023 with a $99 million loan arranged by JLL.
Carmel Partners has acquired The Fitzgerald, a downtown Denver apartment building at 1840 Market St., in a deal valued at $110 million, according to ConnectCRE.
The 282-unit, 11-story building, developed and previously owned by Greystar, is a mixed-use asset with retail space on the ground floor. The property opened in 2022, and the purchase price works out to about $390,000 per unit.
ConnectCRE reports that Greystar refinanced The Fitzgerald in 2023, securing a $99 million loan from Otera Capital, with JLL helping arrange the financing.
The Fitzgerald offers studio, one- and two-bedroom units with an average size of 963 square feet. Amenities include a fitness studio, coworking spaces, a pool deck and spa, and an outdoor social lounge with barbecues and firepits.