DENVER, CO - CBRE announced the $4 million acquisition of Stardust Apartments, a 17-unit multifamily property in Denver’s Capitol Hill neighborhood.
Robert Bratley with CBRE represented the buyer, a private 1031 exchange investor. Alex Walton with CBRE Capital Markets’ Debt & Structured Finance in Phoenix arranged the financing for the acquisition.
“My client had identified this property for a 1031 exchange on their last day to identify. By offering above-the-list price with no finance contingencies, we were able to position the client ahead of the competition and successfully complete the acquisition,” said Mr. Bratley.
Stardust Apartments includes a mix of studio, one- and two-bedroom units, ranging from 344 square feet to 790 square feet. Located at 1121 North Ogden Street, the three-story building is within walking distance to the new Ideal Market at 11th Avenue and North Ogden Street, as well as Potager, The Park Tavern & Restaurant, Snarf’s Sandwiches, Snarfburger and Sexy Pizza. The apartments are also within a mile of Downtown Denver.
About CBRE Group, Inc. 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 2020 revenue). The company has more than 100,000 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