Denver-based RedPeak has purchased 10 Emerson apartment community, located at 10 North Emerson Street in Denver’s Washington Park neighborhood, for $14.55 million.
Dan Woodward, David Potarf, Matthew Barnett and Jake Young with CBRE Capital Markets represented the seller in a sale that closed Sept. 11, 2019.
“10 Emerson was extremely popular with investors due to its exceptional location proximate to Cherry Creek, the Denver Country Club and downtown Denver. It was a truly generational opportunity to acquire a well-built, unique asset in the Cherry Creek area submarket,” said David Potarf, executive vice president, CBRE.
Originally built in 1968, 10 Emerson is a seven-story building consisting of 51 units on 0.57 acres, with a mix of one and two-bedroom apartments. Community amenities include a heated indoor pool and whirlpool, sauna, club room, recreation room, storage lockers, and laundry facilities on every floor. Occupancy was 98 percent leading up to the sale.
“RedPeak is excited to add 10 Emerson to our growing portfolio of high-quality properties in Denver’s most desirable neighborhoods,” said Bobby Hutchinson, chief investment officer, RedPeak.
Located near the intersection of East 1 st Avenue and Emerson Street, 10 Emerson is surrounded on four sides by retail and recreational amenities. The Cherry Creek Recreational Trail can be accessed just north of the property, while Washington Park is less than one mile to the south.
“This core urban location creates extremely high barriers to new multifamily development. High land prices combined with escalating construction costs effectively prohibit the ability to construct new mid and high-rise properties in the neighborhood, which makes 10 Emerson an irreplaceable asset,” added Potarf.
Photo courtesy of CBRE
