The X Denver apartment buildings at 3000 and 3100 Inca St.
X Denver, a 455-unit apartment building near Coors Field, has fallen into receivership a month after the building’s lender asked for a receiver to be appointed to manage the property.
In early September, New York-based Mack Real Estate Group asked the court to appoint Trigild IVL LLC as receiver X Denver after its developer defaulted on a $170M loan connected to the property at 3000 and 3100 Inca St.
Denver District Court Judge Heidi Kutcher approved the request, naming Trigild as the receiver on Friday, the Denver Business Journal reported.
Trigild, a national commercial real estate firm specializing in receivership and court-appointed bankruptcy that is also the receiver of Republic Plaza, will manage the property. It may sell X Denver if MREG approves, according to DBJ.
X Denver was built in 2021 by Chicago-based The X Co. The developer received a loan from MREG in January 2022.
X Denver representatives did not appear in court on Friday and did not respond to the complaint by the lender. Representatives have three business days to give Trigild access to the building and necessary documents, including the current lease, DBJ reported, according to the court order.
X Co., which develops coliving spaces, also has no debt tied to the Phoenix property. Debt on the Phoenix and Denver properties is listed for sale in May 2025.
The Chicago developer’s website lists additional properties in Houston, Chicago, California and Florida, with a pipeline of more than $1B in asset value. The company is also building a 22-story apartment complex in Five Points Denver in 2023. It sold the building a year later to its lender, CIM Group, for about $102M.