CBRE Brokers $12.2 Million Sale of Three-Property Multifamily Portfolio in Denver
09 Apr 2020
CBRE announced the $12.2 million sale of a three-property multifamily portfolio located in Denver’s Cheesman Park and Congress Park neighborhoods. Robert Bratley with CBRE’s Denver office represented the seller, a private local investor. A large local investment group purchased the 51-unit, 31,280-sq.-ft. portfolio in a sale that closed March 31. The buyer plans to renovate the few remaining unrenovated units and update the common areas.
“The impact of COVID-19 became a reality a couple of weeks before closing on this portfolio. Fortunately, everyone worked together. Strong, proven buyers like this will be a commodity in the coming months as we all try to weather this period of uncertainty,” said Robert Bratley, First Vice President, CBRE.
The portfolio included:
Park Lafayette, 27 units, located at 950 Lafayette Street
1120 York, 12 units, located at 1120 York Street
1136 York, 12 units, located at 1136 York Street
Most of the units in the portfolio were renovated over the past few years by the seller. Select units in Park Lafayette have premium finishes including quartz countertops, new cabinets, stainless steel appliances and plank flooring. Park Lafayette, located one block west of Cheesman Park, also has a pool, lounge area with a gas firepit and barbeque grill.
The York Street properties are located across Cheesman Park to the east, and a block from the Denver Botanic Gardens.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.