Townhouse Property in Cherry Creek North Fetches $575k Per Unit
The Townhouses at Cherry Creek North, a luxury multifamily community located at 101 Harrison Street in Denver, has sold for $6.9 million, or $575,000 per unit – representing the most expensive per-unit, arms-length multifamily transaction recorded in Denver.
Erik Toll of Pinnacle Real Estate Advisors LLC.represented the seller and buyer in the transaction. Andrew A Sumners is both architect and developer of the townhouse property and completed construction in late 2016.
“Andrew Sumners is an accomplished architect whose experience was put on full display with this property,” stated Toll. “The retired zoning, top of line finishes, and desirable location make it truly one-of-a-kind.”
The twelve townhouse style units offer tenants top of line construction, energy-efficient design, quartz countertops, 9-foot ceilings, private outdoor decks, heated underground parking, 24 hour video surveillance, and a plethora of other desirable features. The property is professionally managed by Newcastle Properties, Inc.
“The buyer, a well-seasoned out-of-state investor, plans to capitalize on the rent demographics of one of the wealthiest neighborhoods in Denver. The sticker price may draw some eyes, but the current and long-term value make this a true win for all parties involved,” added Toll.
Photo courtesy of Pinnacle