Denver, CO – September 16, 2024 – NorthPeak Commercial Advisors is pleased to announce the sale of 757-761 Oak St., Lakewood, CO 80215.
Hunter Schaefer and Jack Sherman of NorthPeak Commercial Advisors worked with the buyer and seller in this transaction.
“This is an example of strong NorthPeak relationships and repeat business. On the sell side, the Schaefer Sherman team has done over a dozen deals with this client and was happy to deliver a smooth, all cash, 30 day close. In a market where deals are taking 6 months to sell and often closing below asking, we were able to generate strong activity. This deal sold off market within a week of listing after 8 quality tours and multiple aggressive offers. We were also able to source a Buyer internally at a reduced fee. In a challenging market, the Seller was happy to post a small win and refocus on other asset types.
On the Buy side, we have continued to help the Buyer grow his local portfolio with 3 purchases in the last 12 months. Ultimately, this Buyer won the deal because of speed and a strong track record. We like to think this was an attractive deal because of the well maintained major systems, 8-10% cash on cash, and strong upside.”
– Hunter Schaefer, NorthPeak Commercial Advisors.
For more information on this investment or current market conditions, please contact Hunter Schaefer at (925) 989-8930 or Hunter@NorthPeakCRE.com.
SALE HIGHLIGHTS
- Address: 757-761 Oak St., Lakewood, CO 80215
- Sale Price: $2,525,000
- Close Date: September 16, 2024
- Total Units: 12 ($210,417/Unit)
- Property Size: 10,728 SF ($235/SF)
- Current Cap Rate: 6.4%
- Pro Forma Cap Rate: 7.2%
- Property Type: Multifamily
