Northmarq Completes $29M Sale of B Street LoHi Apartments in Denver
Northmarq’s Denver investment sales team led by Dave Martin, Rich Ritter and Brian Mooney completed the successful sale of B Street LoHi, a 73-unit apartment community located at 1736 Boulder St. in the Lower Highlands (LoHi) neighborhood of Denver. Northmarq represented the seller.
The sale price of $29 million equates to $397,260 per unit, while the $568 per square foot sale price earns B Street LoHi the distinction of having achieved the highest per square foot sale price amongst assets with 50 units or greater in metro Denver thus far in 2023. The per unit and per square foot pricing of B Street LoHi clearly illustrates the immense desirability of the LoHi neighborhood, both from a resident and an investor perspective.
“The property’s meticulous design and thoughtful execution of the development are clear,” said Ritter. “Palisade Partners did an exceptional job creating a product which has consistently appealed to residents seeking an urban living experience”.
“Palisade Partners had exceptional foresight developing B Street back in 2013 when the LoHi neighborhood was in its formative years, as LoHi has now emerged as arguably Denver’s most sought-after neighborhood,” Mooney added.
B Street LoHi’s strategic location in the dynamic Lower Highland neighborhood, known for its cultural vibrancy and proximity to downtown Denver, played a pivotal role in achieving this extraordinary sale. The property’s strong sense of community and consistently high occupancy rates made it a coveted asset for investors, offering immediate returns and long-term growth potential. B Street LoHi offers an attractive mix of mostly one- and two-bedroom floor plans ideally suited for the discerning LoHi renter. The ability to complete premium spec renovations to 100% of the units offers exceptional upside potential to capitalize on perpetual rental demand in the neighborhood.
Walker & Dunlop Closes $65M for New Apartment Community
Walker & Dunlop, the nation’s leading multifamily lender, has arranged the $65 million sale for 281 Willow in Fort Collins, a 197-unit, newly-constructed Class A apartment community.
The W&D Denver Investment Sales team led by Dan Woodward, David Potarf, Matt Barnett and Jake Young arranged the sale on behalf of the buyer, Borello Asset Management Inc., and the client, CA Ventures.
Directly adjacent to downtown Fort Collins, 281 Willow offers residents central access to everything the city has to offer – from recreation to abundant retail, restaurants and employment opportunities. Additionally, the property is an easy commute to numerous UTHealth hospitals just over a mile from the Colorado State University Campus, home to 33,000 full-time students and 2,600 faculty members. Amenities of 281 Willow include rooftop decks, an oversized spa, a fitness center, and resident lounges.
Marcus & Millichap Announces the Sale of Freddy’s Frozen Custard & Steakburgers in Falcon, Colorado
Marcus & Millichap announces the sale of Freddy’s Frozen Custard & Steakburgers, a 3,030-square-foot net-leased property located in Falcon, Colorado. The asset traded for $2,654,000.
Drew Isaac, senior managing director, and James Rassenfoss, vice president of investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Freddy’s Frozen Custard & Steakburgers is located at 7575 Falcon Mkt Place in Falcon, Colorado. It is conveniently located in front of a new King Soopers marketplace that is currently under construction. The new Freddy’s location is part of a larger 20-acre development that will drive significant consumer traffic to the rapidly growing Falcon market.
NAI Shames Makovsky Announces Retail Lease to Spirit Halloween
NAI Shames Makovsky announces the lease of 9,439 square feet at 407 S. Broadway and 3,140 square feet at 411 S. Broadway, Denver.
NAI Shames Makovsky’s Cory Dulberg represented the Landlord, Broadway NE Properties, LLC & D4 Urban. The Tenant was Spirit Halloween Superstores, LLC for a short-term, seasonal store.
Berkadia Completes the Sale of Multifamily Property in Denver
Berkadia announces the sale of The Roost, a brand-new build, 35-unit multifamily property located in the Jefferson Park neighborhood of Denver. Managing Director Nick Steele and Director Nate Moyer of Berkadia Denver led the sale on behalf of the seller.
“The Roost benefits from great visibility on Federal Boulevard as well as proximity to walkable amenities within Jefferson Park,” said Moyer. “Other nearby attractions include Sloan’s Lake, Empower Field, and the Platte River.”
Located at 2434 Federal Blvd, the property also affords convenient access to Denver’s Central Business District. The Roost was built in 2022 and features 33 studios and two one-bedroom apartments.
Pinnacle Announces Sale of 10-Unit Apartment Building in Wheat Ridge
Mark Knowlton, advisor, Chris Knowlton, vice president, and Jim Knowlton, owner/principal, with the Knowlton Lawson Team at Pinnacle Real Estate Advisors, LLC recently announced the sale of 6761 W 37th Place in Wheat Ridge. The 10-unit property sold on October 2 for a contract price of $2,000,000; $200,000 per unit. The updated and stabilized property, located one block off of the 38th corridor, featured a great unit mix of (4) one bed/ one bath unit and (six) two bed/1 bath units, with ample off-street parking, storage lockers, new windows and a new roof.
NavPoint Real Estate Group Facilitates Purchase of Nearly 5,000 SF Industrial Property in Wheat Ridge for $1.1M
NavPoint Real Estate Group announced that its client has completed the purchase of 4900-4910 Iris Street, an industrial property consisting of approximately 5,000 square feet, situated on 0.52 acres of land.
A two-unit industrial/flex building, this property offered buyers income potential, making this a great opportunity for our client to occupy a portion of the property and lease out the remainder to the existing tenant.
Close to numerous retail amenities and less than a mile from the Arvada Ridge Light Rail Station, this property is in a great area of Wheat Ridge, with easy access to the entire Metro area.
The buyer, Moku LLC, was represented by Mike Quinlan of NavPoint Real Estate Group. The seller, R.C.D. LLC, was represented by Brandon Paxton of Unique Properties Inc. This transaction successfully closed in October 2023.
