Grand Junction, CO – December 13, 2021 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of the Western Slope Portfolio, located in Grand Junction, CO.
Principals Scott Fetter & Joe Hornstein (NorthPeak Commercial Advisors), teamed up with Tom Ethington, Managing Partner at Blue West Capital, to represent the Buyer in this transaction.
“This is certainly one of the most interesting deals we have sold this year. The sale includes 59 single family properties, an additional 52 multifamily units, and three industrial properties scattered throughout Western Colorado, but primarily focused around Grand Junction. There aren’t many true “value add” deals in our market, so when our buyer saw this opportunity they jumped on it, despite the obvious complexities of transacting a scattered site portfolio like this one.” – Scott Fetter, Northpeak Commercial Real Estate Advisors
“Grand Junction boasts a lower cost of living while residents get all that Colorado has to offer. Our client was looking for value add opportunities in markets with strong fundamentals and demographic growth. This portfolio was a great fit. We have seen apartment rents in the Grand Junction Market rise at about 5.7% on an annual rate during the fourth quarter of 2021, and have posted an average annual gain of 2.8% over the past three years. This will provide long term upside as the portfolio rental revenue is brought to current market benchmark.” – Tom Ethington, Blue West Capital
NorthPeak Commercial Advisors and Blue West Capital both represented the Buyer to purchase this portfolio of properties. If you have any questions, please contact Scott Fetter at scott@northpeakcre.com or Tom Ethington at tom@bluewestcapital.com.
SALE HIGHLIGHTS
- Property Types: 59 Single Family Units, 52 Multifamily Units, & 3 Industrial Units
- Closed Date: December 13, 2021
- Sale Price: $15,873,000
- Total Building Area: 143,377 SF
