Apartment Building in West Wash Park to be Repositioned
Cedar Creek Apartments, a 39-unit property located at 223, 227, 237-257 N. Pearl Street in Denver — and two adjacent single-family homes — sold on September 29 for a contract price of $11 million; $268,293 per unit, and $319.89 per square foot.
The legacy asset 39-unit apartment building, located in the West Wash Park neighborhood, features an attractive mix of (7) studios, (25) 1Br/1Ba units and (7) 2Br/1Ba units, and several amenities including a gated swimming pool and patio area, balconies, air conditioning, on-site laundry and 45 parking spaces. The 2Br/1Ba single-family homes, located directly south of the apartment buildings, increase the footprint of this property and add redevelopment potential to this asset down the road.
Mark Knowlton, associate advisor, Jim Knowlton, owner/principal, and Chris Knowlton, vice president, all with Pinnacle Real Estate Advisors, represented both the undisclosed buyer and seller in the transaction.
“This transaction is a testament to our team’s patience and persistence in successfully navigating today’s challenging market to get a deal to the closing table,” said Mark Knowlton. “We were under contract with two separate buyers and went through three lenders to be able to close this transaction and achieve both the buyer’s and seller’s goals in transitioning this legacy asset. The buyer plans on renovating the units, raising rents, and putting Cornerstone into the building for management, while the sellers plan on doing a 1031 into a DST.”