Turntable Studios, the former hotel near Mile High Stadium that was renovated into micro-units by local developer Nichols Partnership, has sold for $31 million.
Nichols purchased what was known as Hotel VQ for $9 million in 2014. Turntable's buyer was not disclosed, and the listed buyer in the Denver County public record is Turntable Denver LLC, which is registered with the Colorado Secretary of State's office to a Colorado Springs attorney named John Stinar.
“In 2013, Derek Ahrens and I looked at the then-VQ Hotel and had the idea for a micro-unit conversion," said Randy Nichols, president and CEO of Nichols Partnership. “Other interested buyers were looking to tear down the outdated hotel; we had a very different approach in mind and the market embraced this concept beyond our expectations."
"We set out to provide renters with a great product at an attainable price point at a time when area rents were dramatically increasing and when both studio and one-bedroom units in the city were scarce," he added.
Read more at the Denver Business Journal: http://bit.ly/2qnFqeb
