Brinkman Purchase Multifamily Property in Grand Junction for $10M
Corner Square, a multifamily property in Grand Junction, has sold to Colorado-based Brinkman Real Estate for $10 million, which reflects a per-unit price of $208,333.
Senior Directors Nick Steele and John Laratta, Director Tyler King, and Associate Director Nate Moyer of Berkadia Denver led the transaction on behalf of the seller, Colorado-based Western Constructors.
The team also executed the sale of Peppermill Lofts, also in Grand Junction, on behalf of the same seller and buyer in July.
“The Grand Junction market has really tightened over the last several years with very limited amounts of new supply since the Great Recession,” said Steele. “Corner Square and Peppermill Lofts are two of the nicest assets in the market and the record pricing we were able to achieve for the assets reflects that. The diversity of the Grand Junction economy and quality of life have the market poised for further growth.”
Corner Square Apartments was built in 2010 and features 48-units with fully equipped kitchens and private patio or balcony options. The property is located at 2535 Knollwood Drive and affords excellent connectivity to many retailers including Fidelity National Title, Edward Jones, and Primary Residential Mortgage, Inc.
“The community is a perfect fit for our portfolio as we continue to seek opportunities in secondary and tertiary markets throughout the Intermountain West,” said Brett Silverstein, director of acquisitions for Brinkman Real Estate. “Our plans for the asset, include optimizing operations and asset management while completing a light value-add renovation scope upgrading the overall unit interior finish level while also elevating the exterior aesthetically. We are thrilled to be a part of the Grand Junction community and looking forward to further growth throughout the region.”