East West Partners and Ascentris Sell Out The Coloradan
Final Home Sold at First For-Sale Condominiums in Union Station Neighborhood
(Denver, Colo.) – February 20, 2020 – East West Partners, a Denver-based developer devoted to building, selling, and managing high-quality real estate, and its partner Ascentris, a Denver-based real estate private equity firm, announced today the final sale has closed at The Coloradan, the first for-sale condominium building in the Union Station neighborhood. The residences sold out in just 30 months, totaling $242 million in total sales volume.
The 334-unit, 19-story Coloradan began taking contracts in August 2017 and witnessed strong sales activity from the start. When construction completed in early 2019, the building was already over 90% pre-sold. Sales prices ranged from $255,000 to $3,350,000, including the 33 affordable homes constructed under the previous Inclusionary Housing Ordinance (IHO). Average sales price excluding the IHO residences was $770,000. The final sale – Penthouse 1940 – closed yesterday. Buyers at The Coloradan ranged from first time homebuyers to empty nesters, and from second homebuyers to road warriors who value the direct connection to Denver International Airport.
“Regardless of background, the overall sentiment we hear from homeowners is twofold: a love of the community and a love of the location,” said Amy Cara, Managing Partner of East West Partners, Denver. “Our homeowners love the culture we have cultivated in the building and the location is truly second to none. We are thrilled with The Coloradan’s overall success.”
Located directly behind Union Station, The Coloradan is home to studios, one-, two- and three-bedroom residences as well as penthouses. The building also features 22,000 square feet of curated retail including A Line Boutique, Pure Barre, Kaffe Landskap, Blo Blow Dry Bar, Slifer Smith & Frampton – Denver, Revolution Dry Cleaners, and Union Hall. Sweetgreen, Alchemy Face Bar, and Ghost Donkey will be opening this year. The Coloradan amenities include a 452-space parking garage that uses occupancy sensors and license plate readers to facilitate shared parking and maintain efficient use of garage space; a rooftop pool deck and club room; fitness room; owner’s library and a garden terrace. In addition, The Coloradan is LEED Gold and Certified Healthy, a Denver-based certification program that recognizes exceptional projects that integrate stringent wellness standards and encourage healthy lifestyles.
“The Coloradan epitomizes luxury condominium living in the heart of downtown Denver. The combination of a great location, distinctive design, world class amenities, and incredible views make the residences highly desirable, as evidenced by the rapid sellout of The Coloradan. Ascentris and East West Partners were able to identify and capitilize on the condominium supply/demand disconnect in the Union Station neighborhood early in its resurrgence,” said Jeffrey Stonger, Ascentris Managing Director.
About East West Partners
East West Partners is devoted to building, selling, managing, and supporting high-quality real estate. Since 1986, the firm has developed and sold over $3 billion of residential and commercial real estate. Their most recognizable local project is Denver’s Riverfront Park, a 25-acre development that transformed the Central Platte Valley into Denver’s hottest new community. East West Partners is also responsible for the renaissance of downtown Denver’s city center, taking the lead on the development of the Union Station Neighborhood. East West Partners was named the No. 1 Large Company in the Denver Post’s 2019 Colorado Top Workplaces Awards. For more information on East West Partners, visit www.ewpartners.com.
Ascentris is a real estate private equity firm based in Denver, Colorado. With $1.6 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting both core and value-add investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.