Private local investor Elterra Investments has purchased Garfield Park, a 78-unit multifamily property located at 1300 and 1325 Garfield Street in Denver’s Congress Park neighborhood for $18,875,000.
First Vice President Robert Bratley with CBRE’s Denver office represented Elterra Investments, who acquired the property in a sale that closed April 14. The name of the seller was not disclosed.
“The buyer purchased Garfield Park through a 1031 exchange after successfully completing the sale of their three-property central Denver portfolio at the end of March. Despite the inherent challenges related to COVID-19, the timing worked out well, and Elterra Investments was able to increase its unit count substantially,” said Bratley.
The 51,730-square-foot building, highly visible along 13th Avenue, is located less than a block from National Jewish Health and within a couple blocks of Sprouts Farmers Market as well as Congress Park bars and restaurants.
Prior to the sale, the seller completed updates to several units as well as the common areas. Elterra Investments plans to further renovate all of the units with high-end finishes. The property includes a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking.
In a unique situation, the buyer’s property manager, Cornerstone Apartment Services, took over management while the property was under contract and filled several vacancies prior to closing the sale. The property was 93 percent leased at the time of sale.
Photo courtesy of CBRE
