Denver-Area Vintage Assets Sell for Record Price
Transwestern’s Senior Vice President Tom Wanberg and Vice President John Blackshire represented the seller in the $9.5 million deal involving two Brighton, Colo.-communities.
Crestone Apartments
Transwestern’s Senior Vice President Tom Wanberg and Vice President John Blackshire have arranged the sale of Creston Apartments and Phoenix Apartments, two multifamily properties in Brighton, Colo. The sale price, which amounted to a combined $9.5 million, set a new record for Brighton-area vintage assets. The seller was Brighton Terrace Apartments and the buyer was identified as 29th St. Management. The communities encompass 76 units and are located near the Denver International Airport Workforce Center.
“This record-setting price for 1970s product in Brighton affirms the strength of the multifamily market in 2018. No longer are we just seeing top prices in the core areas of Denver; rather, investors are moving into outlying areas seeking value-add opportunities,” said Wanberg in a prepared statement.
Crestone Apartments is a 1972-built, 40-unit property located at 55-65 N. Kuner Road. The community provides a mix of one-, two- and three-bedroom layouts ranging in size from between 500 square feet and 900 square feet. The other asset, Phoenix Apartments, was built in 1962 at 101-151 W. Egbert St. and offers 36 spacious units. Both properties have been recently updated.
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Image courtesy of Transwestern
