Denver, CO – February 21, 2024 – NorthPeak Commercial Advisors is pleased to announce the sale of 1975 Oak St., Lakewood, CO 80215.
Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors worked with the Seller while Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors worked with the Buyer in this transaction.
“This is a special property in a great submarket with little competing inventory. But just as important as the asset itself is the $6.8 million loan that was assumed as part of the transaction. At a rate below 3%, the Buyer will be able to cash flow for the duration of this loan while making improvements to the property that will position it for success for years to come.”
– Scott Fetter, NorthPeak Commercial Advisors.
“We are delighted to share the news of the successful sale of Applewoods Apartments. The purchasing group, AJAX, has made its inaugural investment in the Colorado multifamily asset class. They identified this property as an excellent addition to their portfolio, given its size, strategic location, and the potential to elevate its performance. In today’s market, the acquisition makes even more sense for AJAX, as they were able to secure favorable financing, further enhancing the property’s value.”
– Kevin Calame, NorthPeak Commercial Advisors.
For more information on this investment or current market conditions, please contact Scott Fetter at 720-470-3646 or Scott@NorthPeakCRE.com.
SALE HIGHLIGHTS
- Address: 1975 Oak St., Lakewood, CO 80215
- Sale Price: $10,050,000
- Closed Date: February 14, 2024
- Total Units: 42 ($239,285/Unit)
- Property Size: 33,703 SF ($298/SF)
- Property Type: Multifamily
- Cap Rate: 4.65%
