C
IM Group has made a significant investment in Downtown Denver with the acquisition of four luxury apartment highrises for $101.6 million. The Los Angeles-based investor purchased the X Denver 2 complex, a 351-unit, 22-story building at 1021 21st Street and surrounding Arapahoe streets in Five Points. The seller was Chicago-based The X Company.
The deal values each unit at approximately $289,459. CIM Group had previously loaned The X $105.3 million to build the complex in 2020. The mixed-use development features an event center, bar, coworking areas, pool, fitness center, and retail space. It's situated within the Arapahoe Square redevelopment area, which allows for towers up to 30 stories.
The property includes a members-only club, furnished co-living suites, and parking for 74 cars. The X Company also owns an adjacent apartment complex, X Denver 1, which features a rooftop "bark park" and custom smartphone app. CIM Group has expanded its Denver portfolio, owning over 750 units of apartments and 225,000 square feet of offices in the city as of fall 2022.
