Denver-based RedPeak Properties has purchased a three-property multifamily apartment portfolio in Denver’s Wash Park neighborhood for $23.5 million ($293,750 per unit and $535 per square foot). The portfolio comprises of 80-units and 43,915 square feet built between 1953 and 1960. The three properties are located within a few blocks of each other at 550 E 3rd Avenue, 50 Corona Street, and 25 Emerson Street, and minutes away from the beautiful, 155-acre Washington Park.
Bill Morkes and Craig Stack of Colliers Multifamily Advisory Group represented the seller, Arel Capital, a real estate investment company headquartered in New York City.
“The seller completed a very attractive and well-thought-out renovation during their ownership which resulted in premium rents and pricing for the properties,” said Mr. Stack. “We completed over 20 property tours and received significant interest from buyers.”
“It was a smooth acquisition due to RedPeak’s substantial presence and familiarity in the Wash Park neighborhood,” added Mr. Morkes. “This was Colliers’ second transaction with RedPeak in the submarket; the first being the sale of The Brit Apartments at 77 S Ogden in 2018.”
