Apartment Community on Pearl Street Sells for $2M

661 Pearl St
661 Pearl St, courtesy of CBRE

CBRE announced the $2.1 million sale of the Bonnie Jean Apartments located at 661 Pearl St. in Denver to Strat Ventures. Robert Bratley with CBRE represented the seller, a confidential investor.

“The walkability of this property is almost incomparable, with sought-after restaurants, grocery and boutique shops all within a couple short blocks,” said Bratley. “This building is in great condition with a high parking ratio and offers substantial opportunity to invest in renovating the units to meet growing demand in the area.”

Built in 1957, Bonnie Jean Apartments includes 11 units averaging 505 square feet. Amenities include on-site laundry, storage lockers, off-street parking and secured bike storage.

“This is considered an add-on deal to The Elaine Apartments at 1424 Pennsylvania St., which we acquired at the end of 2020,” said Spencer Pariser, CEO and co-founder of Strat Ventures. “As investors, our approach has been honed through years of experience analyzing key demographics and studying market and cultural trends, which allows us to better identify and capitalize on opportunities like these in the market. We look forward to building on our portfolio here in Colorado with additional well-located multifamily properties at an attractive basis.”

Located less than one mile from downtown Denver in the Governor’s Park neighborhood, Bonnie Jean Apartments is ideally positioned near Trader Joe’s and a number of local restaurants including Carboy Winery, Angelo’s Taverna, Odyssey Italian, Luca and Vesper Lounge, among others.

This property is the second addition to the Strat Ventures Front Range portfolio since entering the market last year.

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