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 commented, “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 an all-inclusive community offering residents complementary retail space, occupied by a yoga studio and upscale 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 sweeping downtown and mountain views, the property sits within Downtown Denver’s resurgent Five Points neighborhood and is just steps from the 25th & Welton Light Rail stop.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020.
