Penterra Plaza Partners, LLC has purchased the last 32 new units from Simpson Housing, the original developer of the luxury condominium high-rise in the Denver Technology Center. Now, I have listed those units for sale and they are also offered for lease by DenverRental.com.
Previously, Simpson had removed the last units for sale from the market while it settled a dispute with the Homeowners Association. That dispute is scheduled for trial in October but could be settled earlier. That has raised some questions from potential buyers and renters. I have tried to answer them below.
We at The Kentwood Company had those Penterra condo units listed for sale until about 2 years ago when Simpson removed the units from the real estate market. At that time, the Homeowners Association filed a construction defects lawsuit before the end of the statute of limitations. Since then, both sides have been attempting to research the alleged issues and move toward a settlement.
However, title companies and lenders refused to approve the building during that time period. So, for a while, there were no loans or title insurance polices available. After reviewing the issues now, several lenders and Land Title Company have agreed to approve the building. So, Penterra Partners is now able to sell condominium units one at a time. Still, buyers have questions and I have attempted to answer some of them here.