Denver, CO – December 22, 2021 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of Cherry Tree Apartments, located in Denver, CO.
Principals Joe Hornstein & Scott Fetter (NorthPeak Commercial Advisors) represented both parties in this transaction.
“The sellers purchased the property in 2018 and repositioned into a stabilized property for out of state 1031 buyer to purchase,” Hornstein said. “The sellers were able to take advantage of the favorable market conditions and the buyer believes there is still some runway to push rents and take the property to another level. We think it was a great deal for both sides.”
For more information on this investment or current market conditions, please contact Joe Hornstein at 720-939-2943 or Joe@NorthPeakCRE.com.
SALE HIGHLIGHTS
- Property Type: Multifamily
- Closed Date: December 22, 2021
- Property Name: Cherry Tree Apartments
- Address: 1975 S Decatur St, Denver, CO 80219
- Sale Price: $9,325,000
- Number of Units: 50 ($186,500/Unit)
- Property SF: 35,710 SF ($261/SF)
- Cap Rate: 4.90%
