Business
Denver-based owner-operator adds a 1970 Type I concrete tower at 1177 Race Street, assuming long-term fixed-rate debt and bringing management in-house
DENVER, Nov. 4, 2026 /PRNewswire/ — Avanti Residential, a vertically integrated multifamily investment and management firm, today announced it has acquired Park Cheesman Apartments, an 88-unit high-rise at 1177 Race Street in Denver’s Cheesman Park neighborhood. The transaction closed on October 27, 2026, at a purchase price of $31.0 million, or approximately $352,273 per unit.
Built in 1970, Park Cheesman is an 11-story Type I concrete tower, the highest grade of residential construction in the submarket. Its 88 residences average 877 square feet and include penthouse units with mountain and downtown skyline views. The building sits directly on Cheesman Park, next to the Denver Botanic Gardens.
The property is about two miles from Downtown Denver and three miles from Cherry Creek. It carries a Walk Score of 82. The East Colfax Bus Rapid Transit line, slated to open in 2027, will run three blocks north.
No conventional multifamily property of 20 or more units has delivered within one mile of the site since 2020, and none is under construction. With no developable parcels left on the park, Park Cheesman holds a location that is very difficult to replicate.
“Denver is our home market, and we’re buying here with conviction,” said Jason Wine, Vice President of Acquisitions at Avanti Residential. “New construction has pulled back sharply while renter demand stays strong, and well-located, well-built assets like Park Cheesman are where we want to be on the other side of that cycle. A building like this rarely trades, and we’re proud to be its next steward.”
Avanti financed the purchase by assuming the property’s existing long-term, fixed-rate loan from Nationwide Life Insurance Company, together with new supplemental financing from Nationwide. Avanti Residential will manage the community directly. It already operates a property three blocks north of Cheesman Park and runs a centralized resident-services platform built for communities of this size.
“Park Cheesman fits exactly what our platform does well,” said Christian Garner, President and CEO of Avanti Residential. “It’s a high-quality community in the 80-to-120-unit range, where our centralized operating model gives residents better service and gives our investors tighter execution. We know this neighborhood well and look forward to running the building for the long term.”
Brian Fisher, Senior Vice President of Debt & Equity at Northmarq, arranged the loan assumption and supplemental financing with Nationwide.
About Avanti Residential
Founded in 2005 as Capital Real Estate, Colorado-based Avanti Residential is a vertically integrated investment and management platform. It specializes in acquiring, renovating, developing, and operating both market-rate and affordable (LIHTC) multifamily communities. Avanti owns or operates more than 55 properties totaling about 12,000 units in Colorado, Arizona, Kansas, Missouri, Utah, Florida and Tennessee. Learn more at avantiresidential.com and avanti-investments.com.
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SOURCE Avanti Residential
Distributed by PR Newswire / Cision.
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