A Greenwood Village company that has sold fractional ownership in mountain properties for years is bringing the concept to downtown Denver.
Alpine Quarters is selling four shares in a furnished, 4,200- square-foot condo at the Residences at Civic Center, 435 W. Colfax Ave., for $485,000 each. The unit is in a five-unit building being renovated by Denver-based Creekside Development.
“Denver’s downtown is fun and festive — just like the mountains,” said Doug Freyschlag, president of Alpine Quarters. “It could be a great escape. A lot of people own lofts downtown as second homes, but a lot of times they’re empty.”
Interest in fractional units in urban settings is a trend occurring in cities such as New York, Chicago and San Francisco, as people seek the cultural amenities offered in urban environments.
In 2006, the fractional-ownership industry in the United States, Canada and the Caribbean achieved record sales of $1.65 billion, according to the 2007 Fractional Interest Report by NorthCourse Leisure Real Estate Solutions. The data included ownership in real estate, cars, aircraft and boats.
Until now, downtown Denver condos haven’t been marketed specifically for fractional ownership, but it’s not uncommon for people to form limited-liability companies to buy units to share, said Dee Chirafisi of Kentwood City Properties.
“I do think there is a need for buyers that want to share a unit. I would say that this type of ownership would really require the best location in the city,” she said.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
By the numbers
$1.65 billion
Sales of fractional-ownership property in the United States, Canada and Caribbean in 2006, up 32 percent from 2005
