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Walker & Dunlop, Inc. announced today that it completed the $66,200,000 sale of The Lydian, a mixed-use property located in the heart of Denver, Colorado. Built in 2018, the Class A, luxury building is comprised of 129 apartment units, 8,176 square feet of ground floor retail space, and 14,500 square feet of designated coworking office space.
Dan Woodward, Dave Potarf, Matt Barnett, and Jake Young of Walker & Dunlop Investment Sales completed the disposition on behalf of Confluence Companies. Cohen Rojas Capital Partners purchased the property and Justin Nelson and Jay Thomas of Walker & Dunlop’s Capital Markets Group arranged the acquisition financing.
Mr. Woodward said in a statement, “The sale of the Lydian is indicative of a rebounding of Downtown Denver from Covid-19. Rent growth within the market is climbing higher than pre-pandemic levels.”
The Lydian is a community offering residents complementary retail space, occupied by a yoga studio and a cocktail lounge, and state-of-the-art co-working office space. Out of 129 apartment units, 22 are rent restricted at 80% area median income (AMI), and The Lydian also provides amenities such as a rooftop lounge and pool, fitness center, coffee bar, underground parking, and bike storage. With downtown and mountain views, the property sits within Downtown Denver’s Five Points neighborhood and is just steps from the 25th & Welton Light Rail stop.
Walker & Dunlop is a provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities.