Transactions Report Week Ending 08.24.18
ARA Newmark Brokers $7.6 Million Multifamily Sale in Boulder
ARA, A Newmark Company announced the $7.6 million sale of 2037 Walnut, a 26-unit, turn-key multifamily asset located one block from Pearl Street in Boulder. The sale resulted in a 4.38 percent cap rate. ARA Newmark Senior Managing Director Andy Hellman and Executive Managing Director Justin Hunt represented the seller, Element Properties in the sale to an undisclosed buyer.
“2037 Walnut’s marketing campaign yielded eight offers and pricing which exceeded the original whisper price,” said Hellman. “The property is well-positioned in the market due to its spectacular location and recent renovation, completed in 2014. The asset’s small, yet efficient floor plans; proximity to recreation and walkability resonated well with the resident profile, consisting mainly of young professionals.”
Constructed in 1981, 2037 Walnut is located one mile from Google’s Colorado headquarters. The property consists entirely of one-bedroom units, averaging just over 400 square feet and each featuring a private patio. Recent renovations at the property included new kitchens and bathrooms, stainless steel appliances, engineered hardwood floors and energy efficient appliances.
Pinnacle Announces Sale of a 12-unit Apartment Building in Aurora
Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors, LLC announced the sale of 1350 Macon Street in Denver. The building, located east of downtown Denver, sold for $1.325 million ($110,417 per unit; $157.29 per square foot). Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the seller.
“The client had spent the last two years adding value to this building through a hands-on management approach and had decided that the time was right to move onto the next property,” said Veith. “He was able to exit at a healthy profit and the buyers will be inheriting a stable asset in a solid North Aurora location.”
- Unique Properties, Inc. / TCN Worldwide announced that Greg Knott & Pete Foster sold 6436 S. Racine Circle in Centennial for $2.5 million ($85.76 per square foot), to the South Metro Denver Realtor’s Association (“SDMRA”). SDMRA plans on using the property for its base of operations and conference center.
- An office tower at 1670 Broadway in Denver has sold for $238 million. USB Realty Investors LLC sold the 36-story building to HFI 1670 BDWAY LLC and CBRE handled the sale.
- 130-key Rodeway Inn hotel located in Estes Park has sold for $5 million. A Hotel Broker International member brokered the sale and Ascent Real Estate Managing Broker Brett Morganti facilitated the deal on behalf of both the seller and the buyer.
- ARA Newmark Company announced the multi-housing sale of Broadview Ridge Townhomes in Colorado Springs for $5.3 million ($143.53 per square foot). Saul Levy and Kevin McKenna were ARA Newmark lead brokers.
- Herrick Durango Land Company Operations LLC purchased 4230 Elati St. in Denver for $3.05 million from KBD Investments LLC. Russell Gruber represented the seller.
- Avison Young reported Duncan Oil Inc. leased 7,344 office square feet at 1777 S. Harrison Street in Denver. Joe Sigdestad represented the tenant.
- Transwestern reported Garden of the Paws leased 4,192 retail square feet at Fairways Plaza Shopping Center at 8230 S. Colorado Blvd. in Centennial. Karen Clarke and Nica Alfonso represented the landlord.
- Axio Commercial Real Estate reported 4 Girls Bakery leased 1,326 retail square feet at Parkridge Plaza at 2099 Wadsworth Blvd., Unit G, in Lakewood. Tom DiGregorio represented the landlord.