Tennyson44 Multifamily Community Sells for $19.15M
Tennyson44, a five-story, 47-unit multifamily property in the Tennyson/Berkeley neighborhood of Denver, has sold for $19.15 million.
Robert Bratley of CBRE’s Denver office arranged the sale on behalf of the seller, Forbes Partnership, Inc. The buyer was an out-of-state investor who acquired the property in an all-cash transaction. It is a long-term addition to the buyer’s Denver multifamily portfolio.
“Tennyson44 is an incredible building in a perfect location, and it was fully leased in just four months,” said Bratley, first vice president. “The apartments have the high end finishes you would expect to see in one of the many luxury townhomes in the area.”
Built in June 2018, Tennyson44 is located at 4390 Tennyson Street and is one of only three apartment buildings located on the street. The apartments feature high-end finishes and amenities including stainless steel appliances, gas ranges, quartz countertops, 10-14’ ceilings, open floor plans, custom flat panel cabinets, high-quality plank flooring, balconies and heated garage parking. The building has an indoor rooftop clubhouse space with two outdoor rooftop decks facing the Front Range mountains and overlooking Tennyson Street.
“Robert did a great job on this transaction. We were in the process of refinancing Tennyson44, and the building wasn’t listed for sale, but he found the perfect buyer for us at a price and terms we couldn’t refuse,” said Mike Mathieson, Forbes Partnership, Inc.
“Mike Mathieson has always had the foresight to see the potential of a neighborhood long before they start to redevelop,” said Bratley. “He finds hidden gems that have been overlooked in areas throughout the Front Range and Colorado like LoHi, RiNo, Cherry Creek, LoDo, City Park West, Sloan’s Lake, Aspen, and Salida. Tennyson44 is another example of his ability to realize the location’s potential in 2011 during the middle of a recession, long before it had become one of the top redevelopment areas in Denver. Today Tennyson44 is in one of the most walkable entertainment and shopping districts on the Front Range surrounded by over a hundred shops, salons, restaurants, bars, breweries, natural grocery stores, yoga studios, art galleries, an amusement park and even two restored theaters with a third coming soon.”
Photo courtesy of CBRE