A 120-unit apartment complex in Golden just changed hands for $62 million, with Chicago-based Draper and Kramer Inc. picking up the property known as Epoque even as metro Denver's rental market remains one of the softest in years. The deal closed in late October, and the buyer says it now plans to pause further Denver-area purchases until conditions improve.
A $62 Million Bet Amid a Shaky Market
Draper and Kramer paid $62 million, or roughly $516,667 per unit, for Epoque, according to Commercial Real Estate Direct. The firm's own announcement confirmed it had purchased and assumed management of the 120-unit luxury rental community in Golden but did not disclose the sale price, per Draper and Kramer, Incorporated. The same announcement places Epoque about 15 miles west of downtown Denver. The Denver Business Journal first reported the sale, which was recorded through Jefferson County property records showing the purchase of the property at 1175 Newstar Way on October 28, with Draper and Kramer buying from seller Forum Investment Group.
Epoque was 95% occupied at the time of acquisition, according to Mile High CRE. The outlet reports the complex was completed in 2019 and that the purchase marks Draper and Kramer's third Denver-area property, joining The Wright in Centennial and Tempo Nine Mile Station in Aurora. Jefferson County records show Forum Investment Group had originally purchased the Golden property for $3 million back in 2017 before developing the Epoque complex on the site.
From Senior Housing to Conventional Rentals
Epoque wasn't always a conventional apartment community. Forum Investment Group described the property as a 120-unit multifamily development in Golden and said it decided in early 2021 to drop the complex's 55-and-over age restriction, converting it into a conventional multifamily community without age limits, according to Forum Investment Group. Units at the property range from 590-square-foot studios up to 1,660-square-foot three-bedroom, three-bathroom layouts, and amenities include a game room, community garden, fitness center and outdoor lap pool.
Draper and Kramer Hits Pause on Denver Buys
Despite closing the Epoque deal, Draper and Kramer told the Denver Business Journal it expects to suspend further Denver-metro purchases until multifamily market conditions improve. Blas Puzon, the firm's chief investment officer, told the outlet that Denver's recovery is lagging behind other markets and that the area's regulatory environment has hindered its apartment market. Denver has also been contending with negative headlines describing it as having America's emptiest downtown and the slowest return-to-office rate in the country, according to the Denver Business Journal's reporting carried in the original Bisnow account of the sale.
The numbers back up the caution. Metro Denver's apartment vacancy rate hit 7.6% at the end of 2025, the highest in 16 years, with more than 34,000 units sitting empty, according to The Colorado Sun. Average rent fell 4.8%, or $88, over the year to $1,754 a month, with landlords offering average concessions of $169, or 9.5% of gross rent, to fill units. Denver's oversupply of newly built apartments has created what's been described as a strong renter's market, with rents down 3.5% year over year, per J.P. Morgan data.
Signs of Stabilization Alongside the Slowdown
J.P. Morgan's outlook, which put Denver multifamily vacancies at 9.09% in the second quarter of 2026, also found reason for cautious optimism. The firm said it will likely take the rest of the year for the market to absorb the increased inventory, adding that leasing is beginning to pick up, rents are starting to stabilize and investors are looking to acquire again. Northmarq similarly reported that stabilized vacancy improved across the Denver region during the second quarter, even as roughly 4,800 more units are expected to arrive before year's end and nearly 13,000 additional units are slated for completion in 2027. Bisnow has separately noted that the broader multifamily sector is no longer considered real estate's golden child, citing oversupply and higher borrowing costs nationally.
Golden has drawn other investor interest despite the headwinds. Confluence Cos. purchased West 8th, a 99-apartment community at 1410 8th St. in Golden, from MIG Real Estate for $47.5 million, according to REBusinessOnline. Northmarq reported that Denver-area apartment properties built before 1980 traded for $95,000 to $176,000 per unit in the first half of 2026, while newer properties ranged from $170,000 per unit in the Golden Triangle up to $630,000 per unit in Cherry Creek — a range that helps frame where Epoque's roughly $516,667-per-unit price lands.
A National Portfolio Still Growing Elsewhere
Draper and Kramer's Denver pause doesn't mean the firm is slowing down everywhere. The company holds properties across Chicago, Austin, Dallas-Fort Worth, Phoenix and St. Louis, and it purchased a 268-unit luxury apartment building in a northern Chicago suburb for $126 million in October — a deal described as one of the biggest price tags ever for a suburban Chicago-area apartment building. For now, Epoque stands as the firm's latest Colorado addition, even as its top investment executive signals the company is content to wait out Denver's bumpy recovery before buying again.
