Calibrate Real Estate is pleased to announce the successful sale of 1274 N. Logan Street, an 11-unit apartment building in the Capitol Hill neighborhood. Kyle Malnati and Sam Bretz worked with both the Buyer and the Seller in the transaction.
1274 North Logan Street sold for $1,925,000 ($175,000/unit; 3.95% cap rate). “The property was previously under contract with a different buyer that failed to close on time. Unfortunately, the prospective buyer’s lender pulled their previously agreed financing commitment, in late September, a week before the Closing Date. Therefore, we had to go back onto the market in an interest rate enviornment that was rapidly rising. The eventual, successful Buyer was in a 1031 Exchange that hadn’t begun when we started marketing the property earlier in the year. The first, failed transaction was actually fortuitous from the new Buyer’s perspective. The Seller was also happy, because the new Buyer was all-cash and didn’t need financing.” ~Kyle Malnati, CEO/Founder of Calibrate Real Estate.
The Buyer, who lives and works nearby, hired Cornerstone Apartment Services to manage the operation and renovation of 1274 North Logan Street. The Buyer’s construction budget is approximiately $160,000 which includes, but is not limited to, the following upgrades: windows, roof, sewer, parking lot, HVAC, and electrical service.
“The Seller began working in his family’s rental property business 40 years ago in 1982. The Seller worked hard to grow the rental portfolio, with his late Uncle, after graduating from law school and clerking as an attorney. In the course of four decades, the Seller amassed over 50 properties in Denver county which included apartment buildings, covered land plays, quadplexes, triplexes, duplexes, and rental houses. We are so blessed and grateful to work with clients focused on a multigenerational family legacy.” ~Sam Bretz, Commercial Broker with 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 Buyer’s family and the Seller’s family are our most recent examples of how we love serving our clients at Calibrate Real Estate.
