Avanti Buys Denver's Park Cheesman for $31M

Avanti Residential acquired the 88-unit Park Cheesman Apartments at 1177 Race St. in Denver, closing October 27.

Updated on Nov. 4, 2026 in Apartments

Mid-rise brick apartment tower beside a green park lawn with a curving paved path under a soft late-afternoon sky. — Avanti Residential acquired the 88-unit Park Cheesman Apartments at 1177 Race St. in Denver for $31 million, closing October 27. AI Illustration. Upload story photo >

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Avanti Residential acquired Park Cheesman Apartments, an 88-unit high-rise at 1177 Race St. in Denver, for $31 million, with the transaction closing October 27. Avanti will manage the property directly.

Why it matters

The deal reflects continued investor interest in Denver's established rental apartments near Cheesman Park. Avanti financed the purchase by assuming an existing long-term, fixed-rate loan from Nationwide Life Insurance Co. and obtaining supplemental financing from the same lender.

The $31 million sale works out to approximately $352,273 per unit across 88 units in the 11-story concrete building, built in 1970 with apartments averaging 877 square feet. The extraction does not disclose planned capital improvements or post-acquisition rent levels.

The players

Avanti Residential

Avanti Residential is the multifamily investment firm that acquired and will directly manage Park Cheesman Apartments.

Nationwide Life Insurance Co.

Nationwide Life Insurance Co. is a large U.S. life insurer whose existing loan Avanti assumed and which also provided supplemental financing for the purchase.

Northmarq

Northmarq is a commercial real estate finance and investment firm whose representative, Brian Fisher, arranged the financing for the deal.

The details

Park Cheesman Apartments sits on Cheesman Park beside the Denver Botanic Gardens. Avanti plans to use its centralized resident services platform to manage the property, while Brian Fisher of Northmarq arranged the financing.

October 27, 2026: Park Cheesman acquisition transaction closed.
2027: The East Colfax bus rapid transit line is scheduled to open, running three blocks north of the property.

Market Landscape

Park Cheesman sits roughly three blocks south of the East Colfax bus rapid transit line scheduled to open in 2027. The building is also about two miles from downtown Denver, and a mile-radius check found no new conventional multifamily completions since 2020 among properties of 20 units or more.

Renters at Park Cheesman will now deal with Avanti's management directly and its resident services platform. Residents and nearby commuters should watch for the East Colfax bus rapid transit line, which is scheduled to open in 2027.

The takeaway

Investors continue to target established Denver apartment buildings near parks and transit corridors. Renters and property watchers should track how new owners handle management and rents after closing.