The Manchester was the epitome of a long-term hold.
Last week, local apartment investor RedPeak paid $23 million for the 14-story building steps from Cheesman Park and the Denver Botanic Gardens.
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“We bought it from some of the original group of investors that have owned it since the mid-’70s,” said Craig Kalman, chief investment officer at RedPeak.
The 100-unit complex was built in 1973. The price works out to $230,000 per unit, which Kalman said is less than half of what it would cost to construct the same building today.
“The unit mix is great, the unit layouts are great, the large balconies provide a great living experience for tenants,” he said. “It’s just an extremely differentiated product in one of the best locations in the city.”
The building consists mostly of one- and two-bedroom units, with a handful of larger apartments that include a den and span over 2,000 square feet. There’s a gym, community room and indoor pool. The developer, Roland Wilson, was one of the first apartment builders in the city to include amenities like those.
Wilson designed over 130 apartments in town, according to his Denver Post obituary. Kalman said RedPeak owns five others across the city.
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“They’re great buildings, we know the systems extremely well and we know how to operate them,” he said.
Still, Kalman noted that the building’s valuation isn’t what it used to be. CBRE reported $386 million in apartment sales in the second quarter of 2026, down from $681 million in the same period a year ago. The average price per unit was $236,000, down 22% year over year.
“Across the whole country, multifamily values are down 20% to 30%,” he said. “This certainly traded on a lower basis than it would have in 2021 and 2022.”
Despite the recent headwinds, Kalman is confident that the building will be a valuable asset in the long term. He said that Wilson constructed some of the best apartments of the 1970s era and that RedPeak plans to renovate the property in the future to bring it to its “full potential.” The company has 53 buildings and 3,300 apartments across the metro.
“The market is very challenged right now, but we can see through that … We think Denver is going to come back stronger than ever,” he said.
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