On December 13, The Western Slope Portfolio — consisting of 143,377 total square feet made up of 59 single-family properties, 52 multifamily units and three industrial properties in Grand Junction — sold for $15,873,000 to an undisclosed buyer.
Principals Scott Fetter & Joe Hornstein at NorthPeak Commercial Advisors, teamed up with Tom Ethington, managing partner at Blue West Capital, to represent the buyer in the purchase of this portfolio of properties.
“This is certainly one of the most interesting deals we have sold this year. The sale includes scattered throughout Western Colorado, but primarily focused around Grand Junction. There aren’t many true “value add” deals in our market, so when our buyer saw this opportunity they jumped on it, despite the obvious complexities of transacting a scattered-site portfolio like this one,” said Scott Fetter, Northpeak Commercial Real Estate Advisors.
The single-family units sold for a combined $10,836,000, the multifamily units sold for $4,224,000 and the three industrial units sold for $813,000.
“Grand Junction boasts a lower cost of living while residents get all that Colorado has to offer. Our client was looking for value add opportunities in markets with strong fundamentals and demographic growth. This portfolio was a great fit. We have seen apartment rents in the Grand Junction Market rise at about 5.7 percent on an annual rate during the fourth quarter of 2021, and have posted an average annual gain of 2.8 percent over the past three years. This will provide long-term upside as the portfolio rental revenue is brought to current market benchmark,” said Tom Ethington, Blue West Capital.