$53 million apartment sale is Ballpark West’s most expensive

Beacon Hill opened its doors in 2015 after a mixed-use redevelopment featuring more than 400 market-rate apartments, a 40,000-square-foot retail complex, a restaurant, and a movie theater. It is located just across Lafayette Street from Coors Field, home of the Colorado Rockies, and has easy access to Rocky Mountain National Park.

In addition to being one of the largest contiguous apartment sales of the year, the property’s price tag also represents more than a 60% increase over 2015’s original listing price of $57 million. It was purchased by New York-based Platinum Equity.

“The Ballpark West neighborhood is vibrant and unique, with three dominant apartment communities, a large entertainment complex and breweries nearby,” Amir Levine, Platinum Equity senior managing director, said in a press release. “There is tremendous growth potential within this neighborhood as they expand rapidly over the next few years.”

Apartment developers have taken notice. In 2017, there were 213,504 new units under construction in the US, including 106,325 apartments, according to CBRE Group. This translates to an average of 21 new apartments per day.

This article originally appeared on CNN.com.

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