K&P Kestrel & Pike
Alta Alameda, a four-story rust brick and glass building on busy South Broadway with a ground-floor grocery, produce visible through the windows and cars on the street
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Baker

Alta Alameda

1120 South Broadway, Denver, CO 80223 · Delivered September 2018

168

Residential units

245,000

Total sq ft

212,000

Residential sq ft

33,000

Commercial sq ft

4

Stories

175

Parking spaces

About this project

Alta Alameda was our first project delivered with permanently affordable housing — 24 of 168 units at 60% AMI, agreed with the city before Denver's inclusionary ordinance made it standard. The ground-floor grocery ended a food gap on South Broadway, and the building sold to a Denver-based institutional buyer in November 2021 at a 4.4% cap rate.

Highlights

  • 24 permanently affordable units at 60% AMI, deed-restricted for 30 years
  • 42,000 sq ft grocery anchor ending a South Broadway food gap
  • Sold November 2021 at a 4.4% cap rate — a 2.3x equity multiple
  • 94% occupied at stabilization

Construction timeline — Alta Alameda

Scrub from land acquisition to ribbon cutting.

The shuttered one-story former auto-body shop on South Broadway before acquisition, roll-up doors closed over a cracked parking apron with low commercial buildings either side
November 2015Complete

Land acquisition · November 2015

The firm acquires a shuttered auto-body block on South Broadway, assembling three parcels over nine months.

Portfolio

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Total sq ft
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Total sq ft
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Total sq ft
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Stories
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