By Adina Marcut
Marcus & Millichap secured the sale of Dwell Apartments, a 53-unit community located in Denver. Jacob Steele and Nick Steele worked on behalf of the buyer, a Colorado-based private capital client, in the $12.9 million transaction. The seller is also a Colorado-based private capital client. Recently, the company also secured the $3.1 million sale of a 25-unit community in St. Paul, Minn.
Fully amenitized property
The three-, four- and five-story buildings feature a mix of studios, one- and two-bedroom units ranging in size from 505 to 1,050 square feet. Built in 1962, Dwell includes amenities such as a fitness center, swimming pool, laundry facilities and a total of 25 parking spaces. Other common area amenities include bike racks and a courtyard with a grilling area.
Located at 342 Pennsylvania St., in the heart of Denver’s Capitol Hill neighborhood, the property is in close proximity to various shopping, restaurant and entertainment venues such as the Denver Art Museum, History Colorado Center, Whole Foods Market, Cheesman Park, Civic Center Park and Denver Country Club. Additionally, the Denver International Airport is only a 40-minute drive away.
“Dwell is an incredible asset. It is one of only a handful of fully amenitized properties in the Capital Hill submarket,” Nick Steele, senior associate in Marcus & Millichap’s Denver office said in prepared remarks. “Located a block and a half from Trader Joe’s and with a Walk Score of 91, the location is irreplaceable.”
Image courtesy of Marcus & Millichap
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