New York Investor Acquires 15-Unit Apartment Property in Highly Coveted Denver Neighborhood
815 East Ellsworth Apartments, a 15-unit apartment property near Cherry Creek Mall, has sold to Ninth Square Real Estate Partners, a New York-based real estate investment company whose partners have over three decades of combined experience generating superior returns for their investors with a track record including $1.5 billion of value-add property investments and developments. A sale price was not disclosed.
“Our decision to acquire 815 East Ellsworth during a time when many investors are fearful and on the sidelines because of economic uncertainty reflects Ninth Square’s confidence in the long-term value of Central Denver and our commitment to expanding our multifamily portfolio in the market. We look at 2023 as a buying opportunity,” remarked Ethan Coleman, general partner at Ninth Square.
Greg Parker, Jason Hornik, Kent Guerin, and Matt Droz, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, Peak Properties, a Chicago-based real estate investment company.
815 East Ellsworth is a rare opportunity to own a legacy asset in one of Metro Denver’s most highly coveted neighborhoods. A few blocks to bustling south Broadway or Washington Park leave residents plenty of opportunity for a night out or time to get outdoors and explore.
Since its construction in 1969, the property has undergone significant capital upgrades, including new exterior staircases, double-pane windows, and double-layer drywall throughout, as well as cosmetic upgrades throughout the unit interiors. This asset also includes eight covered parking spaces and seven off-street spaces providing substantial income in an area already pressed for parking.