Multifamily Portfolio in Sloan’s Lake Trades for $14.5M
A three-building multifamily portfolio located in the Sloan’s Lake neighborhood of Denver, has sold for $14.5 million.
Robert Bratley with CBRE’s Denver office facilitated the sale of the 69-unit, 41,850-square-foot portfolio on behalf of the seller, a local private investor. The buyer, also a local private investor, acquired the properties in a sale that closed on Dec. 16. The buyer plans to hold the investment long-term and to renovate the properties.
The portfolio included Melody Apartments at 1540 Raleigh Street, Harmony Apartments at 1545 Quitman Street, and Rhapsody Apartments at 1590 Wolff Street. Built between 1960 and 1961, each of the three properties consist of 23 units with a mix of studio, one-bedroom and two-bedroom floor plans. The properties were assembled and built as a family asset, and were operated by the family for the past 60 years.
“This portfolio is among my favorite transactions I’ve worked on. These buildings have never sold before and have been a family-operated business since they were constructed,” said Robert Bratley, first vice president, CBRE Capital Markets. “While
these are value-add assets, the pride of ownership and care for the properties shows throughout each building. The original cabinets remain in almost every unit and provide unique nostalgic charm. Each building has a variety of unit sizes and floor plans that are more spacious than many other apartment buildings built in this era. The buildings also have close to a one-to-one parking ratio, which is very valuable, especially in the middle of a large redevelopment where street parking is scarce.”
Sloan’s Lake Park features Denver’s largest body of water and second-largest park, which has spurred a redevelopment boom at the former St. Anthony’s hospital site, adjacent to Melody and Harmony Apartments. The properties are located across the
street from several retailers and restaurants, including Alamo Drafthouse, Cheba Hut Subs, Sloan’s Tap and Burger, several fitness studios, and dental and physical therapy offices.