CBRE Completes $41.25 Million Off-Market Sale of The Modern Apartment Community in Southwest Denver
20 Nov 2018
CBRE announced today that it has completed the $41.25 million sale of The Modern apartment community located at 6301 West Hampden Street in Denver. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, Fowler Property Acquisitions of San Francisco. The buyer, Los Angeles-based Jacobson Co., purchased the property in a transaction that closed Nov. 20, 2018.
“The Modern has a great occupancy history and will continue to perform well due to its high visibility location along Highway 285,” said David Potarf, Executive Vice President at CBRE.
Built in 1979, The Modern is a garden-style multifamily community consisting of 230 one and two-bedroom apartment homes on 8.27 acres.
“The seller had completed a terrific re-branding of the community and renovated sixty percent of the units with new appliances, flooring, paint, light fixtures and hardware, and resurfaced counters,” added Jake Young, First Vice President at CBRE.
Community amenities include a pool and sun deck, fitness center, full basketball court, TV lounge/clubhouse and on-site management and maintenance with night patrol.
The property is located on the north side of Highway 285, just west of Sheridan Boulevard. Bear Valley Shopping Center is one mile east, which includes a mix of restaurant, grocery and retail services. The Modern is approximately 10 miles southwest of downtown Denver and 12 miles west of the Denver Tech Center.
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.