CBRE Brokers $4.25 Million Sale of NOCO Flats in Denver’s Sloan’s Lake Neighborhood
02 Jan 2020
CBRE announced today the $4.25 million sale of NOCO Flats, a 24-unit multifamily propertylocated at 1525 Yates Street in Denver, Colo. Robert Bratley with CBRE’s Denver office representedthe buyer,1525 Yates Street, LLC, an out-of-state investment group,in the sale that closed Dec. 24.
“NOCO Flats is located in the Sloan’s Lake neighborhood where there are not many older apartment buildings, positioning the buyer for strong returns moving forward,” said Robert Bratley, First Vice President, CBRE. “The property also has a one-to-one parking ratio, which is very rare for apartment buildings from this era. As the neighborhood continues to grow and densify this investment will become a strong income generator.”
Sold by a local investment group, NOCO Flats was originally built in 1969 and fullyrenovatedin 2015.Totaling18,291 square feet, the property offers studio, one- and two-bedroom apartments as well as laundry facilities on each floor.
NOCO Flats is in close proximity to the RTD W Line, providing access to Downtown Denver to the east, and the Federal Center and Golden to the west.The property is also within walking distance to Sloan’s Lake Park, retail, restaurants, coffee shops and entertainment. Several new restaurants and breweries have announced new locations nearby along West Colfax Avenue, and Denver’s largest food hall, Edgewater Public Market, recently opened northwest of the property.
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.