CBRE Brokers the Sales of Two Multifamily Properties in Denver
Robert Bratley, first vice president with CBRE Capital Markets in Denver, recently arranged the sale of two small multifamily properties in Denver: the $4.15 million sale of 4300 East Eighth Avenue and the $4.03 million sale of 1015 21st Street.
4300 East Eighth Avenue
The new mixed-use (primarily multifamily) property located at Eighth Avenue between Colorado Blvd. and Clermont St., adjacent to the new 26-acre 9+CO redevelopment, sold for $4.15 million. The buyer was a local private investor completing a 1031 exchange.
The property includes four luxury townhome-style apartments and 2,827 square feet of retail space. Each 1,575-square-foot apartment has two bedrooms, high-end finishes, 18-foot living room ceilings, a balcony and a private rooftop deck.
“This was a great upgrade for the buyer who was looking to invest in a quality asset. The property is well-located, near one of the most anticipated mixed-use developments in the area,” said Mr. Bratley.
1015 21st Street
A six-unit multifamily property located at 1015 21st Street in Denver sold to a private investor for $4.03 million.
Located at 1015 21st Street, the property is one block from Denver’s central business district. With a WalkScore of 95, the property provides access to the city’s entertainment, nightlife and dining amenities. Coors Field and the River North Art District are within a five-minute walk of the property.
The townhome-style units feature 2,600-square-foot, three-bedroom floor plans with high-end finishes, stainless steel appliances, rooftop decks, back patios, in-unit washers and dryers, and attached two-car garages.
“The property is located within a desirable area of Denver, making it an excellent investment as a short-term rental property,” said Mr. Bratley.
According to CBRE research, 2020 marked the sixth consecutive year in which multifamily was the leading property type for investment in the U.S. Its 34.2 percent market share of total 2020 investment far outpaced industrial’s 24.4 percent and office’s 21.3 percent. The report pointed to multifamily in the Mountain West region, including Denver, as an asset that performed better than average in the fourth quarter of 2020.