Avanti Buys Park Cheesman Apartments for $31M

Renters in the 88-unit Denver building will now deal with a new owner that manages the property directly.

Updated on Nov. 4, 2026 in Apartments

Avanti Buys Park Cheesman Apartments for $31M

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Avanti Residential acquired Park Cheesman Apartments, an 88-unit high-rise at 1177 Race St. in Denver, for $31 million. The transaction closed October 27, 2026, at approximately $352,273 per unit.

Why it matters

The sale shows investors continuing to buy older Denver rental buildings near established neighborhoods and parks, with the financing structure, a fixed-rate loan assumed from the seller's lender, shaping what renters may see over time. For residents, a new owner that manages the building directly can mean changes in day-to-day service and maintenance.

The 88-unit, 11-story building was constructed in 1970 and sits on Cheesman Park beside the Denver Botanic Gardens. Avanti assumed an existing long-term, fixed-rate loan from Nationwide Life Insurance Co. and obtained supplemental financing from the same lender, arranged by Brian Fisher of Northmarq.

The players

Avanti Residential

Apartment investment and management firm that bought Park Cheesman and will manage it directly through its resident services platform.

Nationwide Life Insurance Co.

Insurance company that holds the long-term fixed-rate loan Avanti assumed and provided supplemental financing for the purchase.

Northmarq

Commercial real estate firm whose Brian Fisher arranged the financing for the Park Cheesman deal.

The details

Avanti financed the purchase by assuming a long-term, fixed-rate loan already in place with Nationwide Life Insurance Co. rather than taking out entirely new debt. It also secured supplemental financing from that lender, which the company will use alongside the assumed loan. Avanti will manage the property directly and plans to run it through its centralized resident services platform.

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

The Home Front

The property sits about two miles from downtown Denver, and the source notes that no new conventional multifamily properties of 20 units or more have been completed within one mile since 2020. Its placement along the future East Colfax transit corridor ties the sale to the city's broader push for transit-oriented rental housing.

If you rent in a older Denver building, check your lease for the current management contact and note any changes to resident services as the new owner takes over. Renters weighing a move near the future East Colfax line can compare building age, unit size, and transit access before signing.

The takeaway

A change in ownership can bring new management, so keep your lease, rent receipts, and the management office contact in one place. If you are comparing apartments, check how close a building sits to planned transit lines, since that access often shapes long-term rental demand.