Denver Public Schools bought the Montbello facility.
Denver Public Schools bought the Montbello facility.
It will be just the second ground-up development for Niles Emerick. “I don’t even know if I can claim the word developer,” he said.
Apartment complexes sell for $33 million and $46 million, plus more sales and leases.
Texas-based Kairoi paid $4.5 million for a 4.1-acre suburban office complex along Wadsworth Boulevard.
Two local real estate firms acquired the improvements, but not the land, late last year.
Plans for the three-story building include space for a restaurant.
The deal works out to about $750,000 an acre or $18 a square foot.
“I’ve just really always had a strong affinity for South Gaylord,” said the buyer, who lives in Wash Park.
The City Council will vote Monday on a series of agreements with Denver-based real estate firms DPC Cos. and Ogilvie Partners.
The St. Paul Lutheran congregation has operated there since the building was erected in 1925.
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