Avanti Residential Buys 88-Unit Denver High-Rise Near Cheesman Park
Avanti Residential acquires Park Cheesman, an 88-unit concrete tower at 1177 Race Street, assuming fixed-rate debt and self-managing the property.
Denver-based multifamily firm Avanti Residential has acquired Park Cheesman, an 88-unit high-rise apartment building situated along the edge of Denver's Cheesman Park neighborhood, the company announced Wednesday.
The property at 1177 Race Street is a Type I concrete tower built in 1970, representing a mid-century high-rise asset class that has drawn renewed investor interest amid constrained new supply in established urban neighborhoods. Avanti assumed existing long-term fixed-rate debt as part of the transaction, a financing structure that can offer stability against near-term interest rate volatility.
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As a vertically integrated owner-operator, Avanti brought property management in-house upon closing, a strategy the firm applies across its portfolio to maintain direct oversight of operations, leasing, and resident services. The move aligns with a broader industry trend of sponsors internalizing management to reduce third-party costs and improve asset performance.
The acquisition adds to Avanti's growing footprint in the Denver metro market, where the company is headquartered. Cheesman Park is among Denver's more established residential corridors, characterized by walkable density, proximity to Capitol Hill amenities, and limited new multifamily development given the built-out nature of the surrounding blocks.
Continue reading at Real Estate for the full transaction details and company commentary.
