Denver, CO – April 18, 2022 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of two adjacent apartment buildings located at 1220-1226 N. Pearl St. and 1230-1232 N Pearl St. in Denver, CO.
1220-1226 N. Pearl St.: Joe Hornstein and Scott Fetter, Principals at NorthPeak Commercial Advisors, represented the seller and Matt Lewallen and Kevin Calame, Principals at NorthPeak Commercial Advisors, represented the buyer on this transaction.
1230-1232 N Pearl St.: Joe Hornstein and Scott Fetter, Principals at NorthPeak Commercial Advisors, represented the seller on this transaction.
“The Sellers had already purchased larger buildings in Central Denver and this sale completed their reverse 1031 exchange. The Buyers were easy to work with and were able to get an above market cap rate, so both sides are very happy.”
-Joe Hornstein, NorthPeak Commercial Advisors.
“This purchase fulfilled an exchange for the buyer substantially increasing unit count from 3 to 13. The buyer looks forward to putting professional management in place and enjoying the more passive income.”
-Matt Lewallen, 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
- Address: 1220-1226 N Pearl St, Denver, CO 80203
- Sale Price: $3,050,000
- Closed Date: April 14, 2022
- Number of Units: 13
- Property Size: 7,005 SF ($435/SF)
- Cap Rate: 5.16%
- Property Type: Multifamily
SALE HIGHLIGHTS
- Address: 1230-1232 N Pearl St, Denver, CO 80203
- Sale Price: $1,100,000
- Closed Date: April 15, 2022
- Number of Units: 4
- Property Size: 2,853 SF ($385/SF)
- Property Type: Multifamily
