Apartment building in Denver’s bustling Cherry Creek area sells for $23M
A 36-unit, multifamily constructing in Denver’s Cherry Creek neighborhood has bought for $23 million, in accordance with the Denver workplace of the actual property agency CBRE.
The three-story One19 Cherry Creek residence constructing at 119 S. Harrison St. was bought by Prepared Capital, a New York-based actual property finance firm, to Epp & Sons, Inc., a California-based business actual property firm. CBRE represented the vendor.
In-built 2021, the property options principally two-bedroom models that common 1,366 sq. toes. The entire sq. footage is 47,330.
The property was valued at $26.4 million, in accordance with metropolis data.
Facilities embrace walk-in closets, balconies, a 24-hour health club, a two-story underground parking storage, a pet spa and 12 electric-vehicle charging stations. The residence constructing is simply blocks away from the Cherry Creek Procuring Heart and the Denver Nation Membership.
The Cherry Creek neighborhood is a nationwide actual property scorching spot. A few third of the general workplace house in downtown Denver is vacant. In Cherry Creek, a Denver submarket with high-end retail and eating, the workplace emptiness fee is roughly 8.5%. A number of workplace, retail and multifamily tasks are in improvement.
“Our staff’s coordinated advertising and marketing marketing campaign yielded over 50 property excursions (of the location) and 33 provides from household workplaces and establishments alike, signaling the market’s urge for food for deep conviction property,” stated Erik Toll, certainly one of 4 CBRE staff members who represented the vendor.
The realm inside a one-mile radius of One19 Cherry Creek has seen a 24% inhabitants development since 2010 and has a median family revenue of $195,000, CBRE stated.
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