Denver apartments trade at a 48% discount as oversupply bites

Centerspace sold Civic Lofts, a 176-unit apartment building in Denver’s Golden Triangle, for $30 million — 48% below the $63 million it paid at the 2021 peak. The buyer was an entity linked to Four Peaks Multifamily Partners.

The building, at 360 West 13th Avenue, was roughly 12% vacant at the sale, with about 21 units advertised for lease.

Why it matters. Denver has absorbed one of the country’s heaviest waves of new apartment supply, and the discount is a clean read on how far core values have reset. A sale at less than half the prior price sets a comparable that other owners — and their lenders — will have to mark against.

The numbers. The $30 million price works out well below replacement cost for a stabilized building of this vintage. Centerspace bought at the top of the last cycle; the exit crystallizes the loss rather than extending it.

What’s next. With vacancy still elevated across Denver, more owners facing loan maturities may choose discounted sales over refinancing into higher rates. Buyers with fresh capital are positioned to reset the basis.