CBRE Closes Value-Add Sale in Denver
- Oct 28, 2019
CBRE Capital Markets has completed the sale of a 20,210-square-foot residential building in urban Denver. A local investment group acquired the 30-unit property for $6.1 million. First Vice President Robert Bratley acted on behalf of the seller, a local partnership. Most recently, Bratley was also part of the team that arranged the sale of Sloan’s Place, a 24-unit micro-apartment community near Denver’s Sloan Lake.
Situated at 1225 Colorado Blvd. in the metro’s Congress Park neighborhood, the property is two blocks from 9+CO, a 26-acre redevelopment project set to include approximately 2 million square feet of mixed-use space. The community is within walking distance of a Trader Joe’s store and Sprouts Farmers Market. A large number of shops, restaurants and bars, including TAG Burger Bar, 12@Madison, Blue Pan Pizza and Swing Thai, are also nearby. Several health-care employers such as National Jewish Health, Rose Medical Center and VA Hospital are within a half mile of the property.
The seller revamped five apartments prior to the sale and the new owner intends to continue renovations and fully update the 1945-built property, which consists of one- and two-bedroom apartments with an average of 674 square feet. Amenities include 30 off-street parking spaces, on-site laundry facilities and a yard.
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