Denver, CO – February 11th, 2022 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of 1515-1531 Clermont St, located in Denver, CO.
Senior Advisors Greg Johnson and Conner Piretti (NorthPeak Commercial Advisors) represented the seller and Matt Lewallen & Kevin Calame represented the buyer.
The Johnson-Piretti Team represented the Seller in this off-market transaction. “This property was openly marketed in the Summer of 2021 but we weren’t able to get the pricing the Seller was hoping for. Just 6 months later, the market has moved significantly and led to a seamless transaction at a much higher price than we were seeing last year.” Matt Lewallen of NorthPeak Commercial represented the Buyer who plans to fully renovate the property.
Matt Lewallen and Kevin Calame represented the buyer on this transaction. The buyer is a seasoned investor that has been very successful by tastefully renovating assets in the Denver market and drastically improving operations. This property will slide right into other projects they have in the area and be a nice addition to the current portfolio. Conner Piretti and Greg Johnson also from NorthPeak represented the Seller who is closing the book on Denver assets to focus on properties closer to home.
For more information on this investment or current market conditions, please contact Greg Johnson at 720-738-1671 or greg@northpeakcre.com.
SALE HIGHLIGHTS
- Property Type: Multifamily
- Closed Date: February 4th, 2022
- Property Name: 1515-1531 Clermont St
- Address: 1515-1531 Clermont St
- Sale Price: $7,150,000
- Number of Units: 36 ($198,611/Unit)
- Property SF: 20,010 SF ($357/SF)
- Stabilized Cap Rate: 4.85%
