BrokerageMultifamily

Two Multifamily Properties in Sought-After Area Sell for Almost $5M

Two multifamily properties, Sublime and Patina, located at 59 and 65 Ogden Street in Denver, have sold for $4,999,00

Robert Bratley with CBRE’s Denver office represented the buyer, a private local investor. A confidential seller transferred the properties in a sale that closed Sept. 1.

“This is the second time I have sold these properties in the last few years, and I am excited to see how the additional upgrades improve the assets and returns moving forward,” stated Mr. Bratley, first vice president, CBRE. “These properties are in a sought-after location – being a block from the Cherry Creek Running Trail and less than a mile from Cherry Creek North and Washington Park.”

Each of the properties have 11 completely renovated studio and one-bedroom apartments that include granite countertops, stainless-steel appliances, new espresso wood cabinets, vinyl plank flooring and updated bathrooms. Additionally, each building has storage units and a laundry room, and the properties share a common courtyard with a gas grill, as well as 10 parking spaces.

Metro Denver’s apartment rent collections have consistently trended higher than the national average throughout COVID-19. As of mid-August, 91.8 percent of metro Denver rents were collected, compared to 86.9 percent nationally.

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