Calibrate Real Estate is pleased to announce the successful sale of 1249-1251 North Emerson Street, a 6-unit apartment building in the Capitol Hill neighborhood. The property sold for $1,100,000 or $183,334/unit. Kyle Malnati and Sam Bretz assisted both parties in the transaction.
Kyle Malnati primarily worked with the Seller: an experienced Denver mulitfamily investor, in Calibrate’s 34th successful sale out of this client’s portfolio totaling $25,448,234 over the past 14 months.
Sam Bretz primarily worked with the Buyer: a Colorado based family that includes a mother, her daughter, and her son-in-law. They added this property to a great portfolio with several existing multifamily holdings.
“This property was a particularly difficult one as we were under contract twice before the third transaction closed. Third time is the charm as they say. The timeline of the three contracts happens to follow an interesting trend as the 2022 real estate market evolves. Deal #1 went under contract on 4/29/2022, but failed to close in June. Deal #2 went under contract on 6/21/2022 after a price reduction, but failed to close in July. Deal #3 went under contract at an even lower price on 7/25/2022 and successfully closed about 2 months later. Sam Bretz and I directly attribute rising interest rates over the course of 2022 to the change in pricing (from a listing price of $1,350,000 in April to a final closing price of $1,100,000 in September). This is a great example of the old adage, ‘the diligent prosper’” ~Kyle Malnati, CEO/Founder of Calibrate Real Estate.
The mission of Calibrate Real Estate is: “we exist to help people create generational wealth through real estate.” We believe that is our calling, our responsibility! At the core of our mission, we work with families. Both the Seller’s family and the Buyer’s family are our most recent example of how we love serving our clients at Calibrate Real Estate.
