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1920’s-Era Denver Apartment Trades for Nearly $250K/Unit
Quantum Capital acquired the nearly 100-year old Uptown Terrace for $8.4 million as part of a 1031 exchange. The project, built in 1927, had 34 units.
Erik Toll headed up a CBRE Denver team which represented the seller, Cohen Rojas Capital Partners. Toll added this, “Despite commercial interest rates being near 6% at the time of sale, CBRE through its internal 1031 exchange platform was able to identify an out-of-state cash buyer whose criteria were a perfect fit for Uptown Terrace. The deal traded at an in-place 2.7% cap rate, a remarkable feat given the current debt climate.”
The property has two, two-story buildings with one-bedroom floorplans of 515 sq. ft. Historic aspects of the design include a full brick exterior, hardwood floors, molding, transom windows and arched doorways. Prior to the sale, the seller invested in a renovation campaign.
- ◦Sale/Acquisition
