Denver Condo Market Heating Up

Denver Condo Market Heating Up

In just three months, THE PINNACLE AT CITY PARK SOUTH, a luxury property located on Denver’s historic City Park, has closed on 16 condominium units as savvy home buyers are taking advantage of the reset in pricing in the Denver market according to new owners Condo Capital Solutions (CCS) of Louisville, CO.

In March, CCS purchased 72 unsold units in the prestigious 268 unit residential complex from Opus Northwest, LLC developers as they exited the Denver market.

“This has been a stellar second quarter, reflecting a reinvestment from buyers into the tangible notion of real estate and, perhaps, away from equities,” said Holly Rasmussen, Vice President of Sales and Marketing for CCS.  “We are seeing a diversity of buyers from empty-nesters to young professionals who are realizing the convenience and amenities of THE PINNACLE AT CITY PARK SOUTH.  They have the benefits of urban living but with the beauty of City Park outside their window and both downtown Denver and Cherry Creek just minutes away.  We’re seeing a trend of buyers moving away from investment in markets and more into the day-to-day dream of home ownership.”

“This is a beautiful property, well-located and well positioned as Denver’s real estate is beginning to see some vibrancy and momentum,” said Terri Hayes, Sales Manager for THE PINNACLE since its launch in 2005.  “Of the initial 268 units, all but 54 have closed.  That pace of sales is phenomenal and speaks to the quality of the project and buyers seeking tremendous product in “hot” urban areas such as Denver.  It’s a little bit like Central Park in New York—but with the active lifestyle of Colorado.”

THE PINNACLE, a two-tower development, has views looking west into downtown Denver and is located between downtown and the Cherry Creek shopping district. First opened in 2007, both towers are now complete and amenities include a full fitness center, hot tub and sauna, garden terrace, swimming pool, wine cellar, media screening room, clubrooms with full kitchens for entertaining and a business center.  There are also guest suites for visiting family members should owners need extra room for guests.

THE PINNACLE is built on the site of the former Mercy Hospital, a neighborhood landmark since the turn of the last century. Building design and exteriors, which include stylish concrete and brick, take their inspiration from the mix of historic architecture and materials of the surrounding neighborhood.

THE PINNACLE AT CITY PARK SOUTH is the latest residential property to be redeveloped and offered by CCS, nationally known for its expertise in reworking distressed projects in desirable markets around the country. The company has an outstanding track record providing active capital with an emphasis on street-level solutions.

The PINNACLE is CCS’s second Colorado-based deal since December. The company closed on and has since sold more than half of the 49 residences in THE ASCENT condominium project located at the entrance to Beaver Creek Resort in Avon, Colo.

For more information on THE PINNACLE AT CITY PARK, please phone: 303-333-1200

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