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Phoenix & Southwest  + Southwest  + Apartments  | 
Denver's 95-year-old Uptown Terrace sells for $8.4M

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.


Inside The Story

Erik Toll

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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