Denver Community Trades for $21M
The asset traded in a 1031 exchange deal.
Cohen Rojas Capital Partners has added 757 Grant, a 68-unit community, to its Denver portfolio. The company purchased the asset for $21.3 million.
Berkadia negotiated the deal on behalf of the seller, LCP Development. The team overseeing the sale was led by Senior Directors Nick Steele and John Laratta and Directors Tyler King and Nate Moyer.
According to Yardi Matrix, the asset traded in a 1031 exchange deal. The same source shows that the property is subject to an $11.8 million loan originated by JPMorgan Chase Bank, which carries a 30-year maturity term.
The four-story, controlled-access community was built last year. 757 Grant features studios with washers, dryers, walk-in closets and digital locks in all units. Common-area amenities include a fitness center, clubhouse, community room and rooftop terrace.
Located at 757 Grant St., the property is close to Denver Country Club, Denver Art Museum and Denver Zoo, offering access to a variety of retail and dining venues near East 7th Avenue. and East 8th Avenue. Yardi Matrix data shows that Cohen Rojas Capital Partners owns Vista at Washington Park, another community located near 757 Grant, at 101 Grant St. The company’s overall Denver portfolio comprises 412 units across five properties, the same source indicates.
Berkadia has recently brokered the $45.5 million sale of Heather Lake, a multifamily community totaling 252 units in Hampton, Va.