BrokerageMultifamily

Vintage Asset in Capitol Hill Sells for $8.4M

New York-based Urban American Management has purchased The Kentom Apartments, a four-story, 32-unit, Victorian-era community located at 1540 Grant Street in Denver. The apartments sold for $8,450,000, marking Urban American Management’s second acquisition in metro Denver.

Executive Managing Director Justin Hunt, Senior Managing Director Andy Hellman, Associate Director Ryan Cohn and Transaction Manager Katie Hufnagel of Newmark Knight Frank, represented Classic Properties of Denver, LLC in the sale. The  company specializes in the acquisition, restoration and management of Denver’s finest historic apartment buildings.

“Sold at $264,063 per unit, The Kentom Apartments represents a new high watermark on price per unit for a non-parked asset in the very desirable Capitol Hill submarket,” remarked Hellman.

Built in 1908, unit interiors at The Kentom feature charming touches such as exposed brick, clawfoot bathtubs, Victorian chandeliers, original woodwork, front and rear entries to each unit, French doors, bay windows, working fireplaces and balconies. The Kentom also features a variety of spacious layouts that average 855 square feet as well as on-site resident storage.

“The Kentom is considered one of central Denver’s crown jewels and is a rare property that has been immaculately maintained and restored to impeccable standards,” added Hunt. “The property’s rich history and proximity to Denver’s CBD make this an ideal location for residents.”

The apartment’s boast a Walk Score of 97, Bike Score of 95, and a Transit Score of 89. Residents do not need a car to enjoy a true urban experience with easy access to major employers, notable retail and dining, a vibrant social scene, extensive recreational options and a plethora of neighborhood amenities nearby.

Established in 1999, Classic Properties of Denver, LLC has selectively acquired and restored over 300 individual apartments located in highly desirable neighborhoods including City Park, Cheesman Park, Denver Country Club, Governor’s Park, Capitol Hill and Congress Park.

Photo courtesy of NKF

 

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