In an interesting turn of events for the Denver metro area’s real estate scene, a 99-unit apartment was sold this March for a whopping $47.5 million. The development is being talked about as this West 8th apartment complex is located in the famous Golden Downtown area, which is at the foot of the Rocky Mountains.
Highlights
- West 8th, a 99-unit apartment, was sold for $47.5 million this March.
- The apartment complex is located in the Denver metro area.
- California-based MIG Real Estate bought the property in the Golden Downtown area.
Unique Features of the West 8th
West 8th is located in the Golden, foothills of the Rocky Mountains (Source – apartments.com)
The 99-unit complex is situated at 1410 Eighth Street in Golden, close to the former Golden High School property, which was purchased by AC Development in 2024.
West 8th’s construction was completed in 2014. Its apartments are across the street from the Golden Community Center, have solar power, and are LEED-certified.
Another striking feature of the West 8th Apartment is that it has an indoor running track and a 25-meter lap pool. There is also an outdoor courtyard arena (with a firepit) and a park.
Each unit of this Golden Downtown-based apartment has a 1,000 sq. ft area. Rent for single-bedroom apartments is $2,578 per month. Those looking for a three-bedroom will have to pay $4,363 for this Denver metro area-based apartment.
Offering more benefits, the West 8th apartments’ residential common area has a fitness studio, a cyber cafe, and an exhibition kitchen.
Buyer and Seller of the West 8th Apartment
Bringing positive shifts in the Denver metro area’s real estate space this spring, California-based MIG Real Estate bought West 8th. The seller was Golden Downtown’s Confluence Companies, who was also tasked with building the complex. This real estate developer took $47.5 million for the property.
Based on the deal, each of the units of this apartment was priced at $479,798.
The representatives of the seller group were David Potarf, Jake Young, and Dan Woodward. Belonging to the Denver investment sales team of Walker & Dunlop, the three of them spoke for Confluence Companies.
Calling the apartment complex’s Golden area “one of the most desirable communities on the city’s west side,” Walker & Dunlop praised West 8th.
In a public announcement, the advisory firm added, “The apartment building showcases modern luxury designs, high-quality construction, ideal unit mixes, and a carefully crafted collection of both unit and community amenities.”
Understanding the Rise in Apartment Construction in Denver
The West 8th apartment deal comes at a time when Denver is experiencing an increase in apartment construction. According to the Apartment Association of Metro Denver, last year, 20,000 new apartments were added in the city. This ultimately led to a 3.6 percent dip in rents in the fourth quarter.
The latest West 8th deal further shows that the demand for apartments in Denver and its metro areas is still on.
About MIG Real Estate
Set up in 2000, the California-based real estate agency manages many properties in Denver and Lakewood. Currently, it manages about 6,000 multifamily units and 10,000 sq. ft. of properties. All of these Denver-based and other properties amount to $2 billion in assets.
The West 8th deal in the Golden Downtown area highlights the growing inclination towards residential properties in Denver’s metro area, which is ultimately enhancing the city’s real estate scene.
