A 36-unit, multifamily constructing in Denver’s Cherry Creek neighborhood has offered for $23 million, in keeping with the Denver workplace of the actual property agency CBRE.
The three-story One19 Cherry Creek residence constructing at 119 S. Harrison St. was offered by Prepared Capital, a New York-based actual property finance firm, to Epp & Sons, Inc., a California-based industrial actual property firm. CBRE represented the vendor.
Inbuilt 2021, the property options largely two-bedroom items that common 1,366 sq. ft. The overall sq. footage is 47,330.
The property was valued at $26.4 million, in keeping with metropolis data.
Facilities embody 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 Middle and the Denver Nation Membership.
The Cherry Creek neighborhood is a nationwide actual property scorching spot. A couple of third of the general workplace area in downtown Denver is vacant. In Cherry Creek, a Denver submarket with high-end retail and eating, the workplace emptiness price is roughly 8.5%. A number of workplace, retail and multifamily initiatives are in improvement.
“Our staff’s coordinated advertising and marketing marketing campaign yielded over 50 property excursions (of the positioning) and 33 gives from household workplaces and establishments alike, signaling the market’s urge for food for deep conviction belongings,” mentioned Erik Toll, one in all 4 CBRE staff members who represented the vendor.
The world inside a one-mile radius of One19 Cherry Creek has seen a 24% inhabitants progress since 2010 and has a mean family revenue of $195,000, CBRE mentioned.
Get extra actual property and enterprise information by signing up for our weekly publication, On the Block.
