Lakewood, CO – December 15, 2021 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of 370 Benton Street, located in Lakewood, CO.
Principals Joe Hornstein & Scott Fetter (NorthPeak Commercial Advisors) represented the seller in this transaction and Hunter Schaefer represented the buyer.
“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.”
-Scott Fetter, NorthPeak Commercial Advisors.
“This was a first time Buyer with 1031 exchange funds from selling a single family rental. As with many of our clients, he is a working professional looking for a hands off investment that is already renovated with strong in place rents. The Buyer was willing to pay an aggressive price in order to win the deal and break into the multifamily space, and he is excited to realize the upside of the Denver market.”
-Hunter Schaefer, NorthPeak Commercial Advisors.
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 15, 2021
- Property Name: 370 Benton St
- Address: 370 Benton St, Lakewood, CO 80226
- Sale Price: $1,420,000
- Number of Units: 6 ($236,667/Unit)
- Property SF: 4,514 SF ($314/SF)
- Cap Rate: 5.36%
