A 25-unit apartment building located at 1729 Pennsylvania Street in Denver’s Uptown neighborhood has sold to a confidential buyer for $5.1 million.
Erik Toll with CBRE’s Denver office represented the seller, a private investor, who initially purchased the property in 2018 for $1.8 million.
“When my client acquired the property, it was comprised of 18 outdated efficiency units, most with dilapidated systems and lacking private restrooms. After a substantial and thoughtful renovation, the all-cash sale of the property marks a 282 percent price increase and remarkable cash-on-cash return for the seller. The sale is a testament to the growing demand for studio apartments in Central Denver,” said Mr. Toll, vice president, CBRE. “As Denver’s net migration continues to soar – fueled predominantly by millennials – the studio unit-type has become increasingly popular, efficient, and cost-effective in many cases.”
Built in 1907, the four-story building was originally used as a service hotel for employees of the historic Brown Palace Hotel. The seller fully renovated the property in 2000, including adding seven units. Today the studio apartments include modern kitchens, stainless steel appliances, gas ranges, new oversized windows, and brand-new bathrooms. Historic charm is preserved through original hardwood flooring and exposed brick.
The property is located at the intersection of E 17th Ave. and Pennsylvania St., adjacent to 17th Avenue Restaurant Row and a short walk to downtown Denver.
Uptown Denver is a lively, hip neighborhood bordering some of Denver’s best attractions, like the Paramount Theatre, the Denver Center for the Performing Arts, and the Ball Arena. The University of Colorado Denver is just about a mile from Uptown’s center and the Colorado State Capitol is on the southwest corner of the neighborhood.