CBRE Brokers $18.9 Million Sale of 78-Unit Garfield Park Apartments in Denver
16 Apr 2020
CBRE announced the $18,875,000 sale of Garfield Park, a 78-unit multifamily property located at 1300 and 1325 Garfield Street in the Congress Park neighborhood of Denver, Colo. Robert Bratley with CBRE’s Denver office represented the buyer, private local investor Investments, who acquired the property in a sale that closed April 14.
“The buyer purchased Garfield Park through a 1031 exchange after successfully completing the sale of their three-property central Denver portfolio at the end of March. Despite the inherent challenges related to COVID-19, the timing worked out well, and Investments was able to increase its unit count substantially,” said Robert Bratley, First Vice President, CBRE.
The 51,730-sq.-ft. building, highly visible along 13th Avenue, is located less than a block from National Jewish Health and within a couple blocks of Sprouts Farmers Market as well as Congress Park bars and restaurants.
Prior to the sale, the seller completed updates to several units as well as the common areas. Investments plans to further renovate all of the units with high-end finishes. The property includes a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking.
In a unique situation, the buyer’s property manager, Cornerstone Apartment Services, took over management while the property was under contract and filled several vacancies prior to closing the sale. The property was 93% leased at the time of sale.
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.