Peak Properties Breaches Out to Denver, Realizes 35% IRR on Sale
Chicago basedPeak Properties has sold a 17-unit multifamily building in the Capital Hill neighborhood of central Denver. The buyer wasn’t disclosed.
The building at 1010 Emerson was purchased by Peak Properties and its investors in 2019 for $3,150,000 as a value-add investment opportunity. Peak’s team executed a renovation plan and closed a sale for $4,150,000 to a California real estate group.
Investors realized over a 35% annual IIRR on the sale.
“Does an IRR even matter with this annual return?” said managing partner Mike Zucker. “We have taken the expertise we’ve built over the past 20-plus years in the Chicago market and applied that to Denver and we will be relentless in our pursuit of other opportunities in Denverand other strategic markets.”
Peak Properties currently manages more than 8,000 units in the Chicago area.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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