DENVER – November 05, 2026 -- Avanti Residential closed on the 88-unit Park Cheesman Apartments at 1177 Race Street in Denver for $31.0 million, or about $352,273 per unit, funding the deal by assuming the property's existing long-term, fixed-rate loan from Nationwide Life Insurance Company. The transaction closed on October 27, 2026.
Avanti pairs loan assumption with new Nationwide supplemental debt
Avanti is taking over the existing Nationwide fixed-rate loan and adding new supplemental financing from the same lender. Brian Fisher, Senior Vice President of Debt & Equity at Northmarq, arranged both the assumption and the supplemental loan.
Avanti brings management of the 1970 concrete tower in-house
Park Cheesman is an 11-story Type I concrete tower built in 1970. Avanti describes Type I as the highest grade of residential construction in the submarket. The 88 residences average 877 square feet, and penthouse units offer mountain and downtown skyline views. The building sits directly on Cheesman Park, next to the Denver Botanic Gardens.
Avanti will manage the community directly. It already operates a property three blocks north of Cheesman Park and runs a centralized resident-services platform built for communities of this size. CEO Christian Garner said the building falls in the 80-to-120-unit range where that model works best.
No new conventional supply has reached the site's one-mile radius since 2020
No conventional multifamily property of 20 or more units has delivered within one mile of the site since 2020, and none is under construction. No developable parcels remain on the park, which limits new competition.
The property is about two miles from Downtown Denver and three miles from Cherry Creek, and it carries a Walk Score of 82. The East Colfax Bus Rapid Transit line, slated to open in 2027, will run three blocks north.
Acquisitions chief bets on demand as new construction pulls back
Jason Wine, Vice President of Acquisitions at Avanti, said the firm is "buying here with conviction." He cited a sharp pullback in new construction alongside steady renter demand, and said well-located, well-built assets are where Avanti wants to be when the cycle turns.