Out-of-State Investor Acquires LoHi Townhomes
Lumen Homes of Denver has sold its Navajo Townhomes development, located at 3295 Navajo Street in Denver’s Lower Highland neighborhood, to a an out-of-state investor for $2,513,686. Robert Bratley with CBRE Capital Markets in Denver represented the buyer who purchased the four units in a bulk acquisition that closed Sept. 30.
“There are a lot of developers that are looking to sell their townhome properties in bulk, allowing them to move on to their next project without the burden of selling the units individually. From a buyer perspective, acquiring townhomes in bulk can be an effective strategy with the right location and product. Buyers can purchase multiple residences at a slight discount, giving them future upside as individual sales,” said Mr. Bratley, first vice president, CBRE.
The four residences that make up Navajo Townhomes are new construction, just completed in September 2019. The buyer is leasing the townhomes for rent. Each unit includes hardwood floors, high-end appliances, oversized windows, 9-12 ft. ceilings and a rooftop deck with panoramic views of downtown Denver. Two of the units include a garage, while the remaining two
units have no parking.
The property is located at West 33rd Avenue and Navajo Street, adjacent to Community Park Plaza and within a few blocks of popular Lower Highland restaurants like Root Down, Avanti Food & Beverage and The Family Jones.
Rendering courtesy of CBRE