A 13-story apartment tower in Denver's Golden Triangle neighborhood has sold for $90.8 million, according to a warranty deed filed with the city on Thursday, even as the metro's rental market sits at its softest point in 16 years. The building, called Patten Gray, sits at 370 W. 12th Ave. and spans roughly 180,000 square feet with 250 apartment units.
The deed shows the property sold to an entity tied to Weidner Apartment Homes, a Kirkland, Washington-based landlord that, according to Bisnow, already has 17 properties in Colorado Springs, Monument and Fountain. Patten Gray appears to be the company's first Denver-area property, per the same report. The seller was an LLC tied to the Rockefeller Group, which developed Patten Gray alongside Summit Capital Venture Group as a luxury apartment high-rise, according to Bisnow. Newmark brokers Tim Richey and Jack Richey represented the seller in the transaction, Bisnow reported.
Marketing materials describe Patten Gray's amenities in detail. Newmark lists a rooftop and outdoor terrace with a clubroom lounge, plus a fifth-floor amenity area featuring a resort-style fitness center, pool, sauna and spa. Bisnow's reporting adds a gear repair shop, dog wash and covered on-site parking to the mix, along with concierge services. The building includes 2,000 square feet of ground-floor retail, which Newmark's listing says is fully leased to Flora, described as a coffee and cocktail bar.
Rents and the Building's Address
Rents at the building, according to Bisnow's reporting on the building's own website, range from $1,570 a month for a 485-square-foot studio up to $6,700 a month for a 2,000-square-foot unit. Patten Gray was also offering up to 12 weeks of free base rent and a $1,000 gift card to attract renters, per the same building-website figures cited by Bisnow.
Those building-quoted numbers differ from third-party rent trackers. CoStar reported that a typical unit at the property goes for nearly $2,500 a month, which it called a significant premium over the market's roughly $1,830-per-month average, according to CoStar. The building's address itself has conflicting records: CoStar lists Patten Gray at 1158 Delaware St., while ApartmentList and Newmark both give the address as 370 W. 12th Ave.
A Soft Market, With Some Signs of a Floor
The sale lands in the middle of what the market itself describes as a strong renter's market, with Denver metro having experienced a notable increase in new apartment supply. At the end of 2025, metro Denver had more than 34,000 vacant apartments and a 7.6% vacancy rate, the highest in 16 years, according to The Colorado Sun. The outlet reported that the average metro rent fell 4.8%, or $88, over the past year to $1,754 a month, with landlords averaging concessions worth $169, or about four to five free weeks of rent.
The Colorado Sun's reporting also noted that newer properties can offer up to three months free, pressuring rents at older buildings, and that roughly 50,000 apartment units remain in the metro's development pipeline, with another 20,000 unable to break ground and at risk of losing their approvals. Still, Bisnow reported that local developers are hopeful for a recovery within the next one or two years. At a Bisnow event on Thursday, Nov. 5, Todd Nicotra said Denver's rental market recovery is happening and that rents are trending upward after falling dramatically. Nicotra also said Denver is affordable again from a rental perspective, per Bisnow's account of the same event.
How Patten Gray Compares
Patten Gray's price tag sits below but in the same range as another recent downtown Denver apartment sale. Earlier in 2026, Greystar sold a 282-unit luxury apartment building for $110 million, according to Bisnow. That building, known as the Fitzgerald, opened in 2022 with luxury finishes and was completed by Greystar that same year, according to The Denver Business Journal. CoStar's coverage of that sale described Denver's multifamily market as still working through a wave of new supply, even as a premium-priced deal for one of downtown's newest properties pointed to renewed investor interest in the market's strongest assets.
Bisnow's reporting also noted that X Denver went into receivership earlier in 2026, a sign of the pressure facing some multifamily owners even as buyers like Weidner move to plant a flag in the city. For now, Patten Gray stands as a test case of whether a newly built, amenity-heavy tower can command a premium price in a market still digesting record vacancy.
