Wheat Ridge, CO – September 23, 2021 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of 3741 Oak Street in Wheat Ridge, CO.
Principals Matt Lewallen and Kevin Calame (NorthPeak Commercial Advisors) represented the Seller in this transaction while Hunter Schaefer (NorthPeak Commercial Advisors) represented the Buyer.
“This area has been widely overlooked for many years, but the seller saw an opportunity to take a decent asset and upgrade it. He purchased it about a year ago and executed on his strategy renovating 15 of the 25 units, significantly increasing rents. The buyer will continue with the renovation program and may even improve it further. Considering the potential in this pocket, the buyer will likely take rents to even greater heights.” – Matt Lewallen, NorthPeak Commercial Advisors.
For more information on this investment or current market conditions, please contact Matt Lewallen at 303-210-1623 or Matt@NorthPeakCRE.com.
SALE HIGHLIGHTS
- Property Type: Multifamily
- Closed Date: September 23, 2021
- Address: 3741 Oak Street, Wheat Ridge, CO 80033
- Sale Price: $5,500,000
- Number of Units: 25 ($220,000/Unit)
- Property SF: 17,400 SF ($316/SF)
- Cap Rate: 5.00%
