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Shea Properties converts Denver office building into affordable apartments

Shea Properties bought the 120,000-square-foot office building in April 2025 for $12 million, then invested about $32 million to create 143 apartment units.

Reported · Written up by our desk · Residential

Lofts on Monaco has opened to residents in June after Shea Properties converted a former four-story office building into apartments in Denver, according to ConnectCRE.

The project involved a roughly yearlong renovation of the 120,000-square-foot property, which Shea acquired in April 2025 for $12 million and later gutted and rebuilt with about $32 million in additional work.

The resulting building includes 143 apartment units with a mix of studios and one-, two-, three- and four-bedroom layouts, and the property is fully designated affordable housing.

Residents earn an average of 60% of the area median income, with rental eligibility ranging between 30% and 70% of area median income, and rents set on a sliding scale based on what tenants earn.

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