Calibrate Real Estate, a Denver-based real estate brokerage firm, announced the listing and sale of a 3-story apartment building that consists of 18 units across 15,983 square feet in Denver’s Cheesman Park neighborhood. Located at 1220 North Gaylord Street, the property sold for $3.7 million ($205,556 per unit and $231.50 per square foot).
“1220 Gaylord has rare attributes for an apartment building in Central Denver which include an adjacent 18-space parking lot to the south, nine balconies, and a diverse mixture of unit floor plans. The unit mix is five 2-bedrooms, eleven 1-bedrooms, and just two studios. Many of the 1960s-built multifamily properties that we sell have efficiently designed studios or 1-bedrooms, but 1220 Gaylord has spacious, oversized apartments,” said Sam Bretz, a commercial broker with Calibrate Real Estate.
The sale represented a $2,050,000 profit for the seller. This is the third transaction for the buyer, Alida Rae Apartments, LLC., and is their third transaction in the past three months, which includes one sale and two purchases.
“1220 Gaylord represented the partial completion of a 1031 Exchange and a strategic opportunity for the buyer to purchase a value-add multifamily asset. The 1031 Exchange began three months ago when Calibrate Real Estate sold a 31-unit apartment community near the University of Denver for $6,532,000.
We were tasked with finding replacement properties on behalf of our client, and we were able to facilitate two separate off-market purchases: a duplex in April and this 18-unit in June,” said Kyle Malnati, founder/CEO of Calibrate Real Estate.
The seller, a local real estate investor, owned the building for 20 years and one month. The seller looks forward to easing their management burden by 1031 exchanges into DSTs (Delaware Statutory Trusts).
Calibrate Real Estate brokers facilitated both sides of the transaction; Kyle Malnati represented the seller and Sam Bretz represented the buyer. Brianna Corwin of Stewart Title provided the title commitment, escrow, and settlement services. Catherine Murphy of Chase Commercial Term Lending provided new financing for the buyer.
