FPM Partners Purchases Civic Lofts Multfamily In Denver From Centerspace For $30 Million

The Civic Lofts apartment tower, a multi-family asset comprising 176 units, is located at 360 West 13th Avenue in Denver, CO. FPM Partners acquired the property for $30 million, translating to a per-unit price of $170,455. The building is currently 88% occupied and has been offering aggressive leasing concessions in a market facing elevated vacancy rates.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $30,000,000
• Buyer: FPM Partners
• Seller: Centerspace
• Units: 176
• Price Per Unit: $170,455
• Occupancy Rate: 88%
• Market Vacancies: 7.6%

This transaction reflects the involvement of FPM Partners as the buyer and Centerspace as the seller. The sale price is significantly lower than the $63 million Centerspace paid for the property in 2021, indicating shifts in the market dynamics affecting the value of multi-family assets in Denver.