A 14-story apartment tower overlooking Cheesman Park has sold for the first time since it was built, with Denver landlord RedPeak paying $23 million for The Manchester at 2030 E 11th Ave. The 100-unit building, located steps from both Cheesman Park and the Denver Botanic Gardens, had been held by some of its original investor group since the mid-1970s.
The sale, which closed the week before October 20, 2026, works out to roughly $230,000 per unit, according to BusinessDen. RedPeak's own announcement confirms the same address and unit count, while BusinessDen reports the $23 million sale price. Craig Kalman, chief investment officer at RedPeak, described the property as an extremely differentiated product in one of the best locations in the city, per BusinessDen's report.
The Manchester was built in 1973 and designed by architect Roland Wilson, who drew up more than 130 multi-story residential buildings across his career and helped popularize built-in amenities like indoor pools and underground parking in Denver apartment towers, Wilson's work is documented by Multi-Housing News. Architectural research estimates Wilson designed roughly 6,000 modernist multi-family units across several states.
A Signature Building With Old-School Amenities
Inside, the building still carries the hallmarks of its era. Amenities include a year-round heated indoor pool, a sun deck, racquetball and basketball courts, a fitness area, and expansive private balconies on every unit, the building's amenities are listed on RedPeak's property page. Six penthouse units also come with in-unit washers and dryers.
The Manchester is now the sixth Roland Wilson-designed apartment building in RedPeak's portfolio, the company said in its announcement. RedPeak operates more than 50 residential communities across metro Denver.
Part of a Broader Wave of 1970s Towers Changing Hands
The Manchester's sale is not an isolated event. Just a month earlier, a separate three-building, 237-unit portfolio in Observatory Park, also designed by Wilson in the late 1960s and 1970s, traded for the first time in more than 50 years to FPA Multifamily, according to Multi-Housing News. The seller was represented by CBRE.
The timing comes as Denver's multifamily investment market works through a significant valuation reset. Denver multifamily property values averaged $259,956 per unit in the second quarter of 2026, down nearly 17% from the 2022 peak of $312,953 per unit, per Matthews Real Estate Investment Services. Total commercial multifamily sales volume in the metro fell 43% year-over-year in that same quarter. The Manchester's $230,000-per-unit price lands slightly below that current metro average.
Rents Soften While Demand Shows Signs of Recovery
Denver's rental market has also cooled. Matthews reported Denver rent growth of -4.7% year over year in the second quarter of 2026 and described 2024 as a record year for apartment deliveries amid oversupply, according to the Matthews report.
Even so, tenant demand appears to be rebounding. Denver apartment absorption rose 58% year-over-year in the second quarter of 2026 to 5,902 units, while quarterly completions slowed to just 2,020 units, pushing metro vacancy down to 5.74%, per the Matthews report. New construction in the Denver pipeline has fallen to a five-year low this year, while per-unit values remain below their 2022 highs.
