Denver Multifamily Portfolio Sells for $12.2M
A three-property multifamily portfolio, located in Denver’s Cheesman Park and Congress Park neighborhoods, has sold for $12.2 million.
Robert Bratley with CBRE’s Denver office represented the seller, a private local investor. An unnamed large local investment group purchased the 51-unit, 31,280-square-foot portfolio in a sale that closed March 31. The buyer plans to renovate the few remaining unrenovated units and update the common areas.
“The impact of COVID-19 became a reality a couple of weeks before closing on this portfolio. Fortunately, everyone worked together. Strong, proven buyers like this will be a commodity in the coming months as we all try to weather this period of uncertainty,” said Robert Bratley, first vice president, CBRE.
The portfolio included:
- Park Lafayette, 27 units, located at 950 Lafayette Street
- 1120 York, 12 units, located at 1120 York Street
- 1136 York, 12 units, located at 1136 York Street
Most of the units in the portfolio were renovated over the past few years by the seller. Select units in Park Lafayette have premium finishes including quartz countertops, new cabinets, stainless steel appliances and plank flooring. Park Lafayette, located one block west of Cheesman Park, also has a pool, lounge area with a gas firepit and barbeque grill.
The York Street properties are located across Cheesman Park to the east, and a block from the Denver Botanic Gardens.