Capstone has closed the sale of The Elms Apartments, a 10,486 square foot, 18-unit multifamily property for the sale price of $4,000,000. Austin Smith of Capstone represented the buyer in the transaction.
The property is located at 1025 Ammons St in Lakewood and boasts a diverse unit mix including 1 Bedrooms, 2 Bedroom and 3 Bedroom units. Well executed interior renovations have been put in place as well as heavier exterior projects including new roofing and boilers.
The Elms is conveniently located one block off Wadsworth Blvd on the corner of W 10th Ave and Ammons St.
Buyer plans to keep on the current management company and let the building operate as it was prior to purchasing the building. They will make upgrades to the property as well in 2022 to enhance the livability for the tenants. Buyer purchased this property in a 1031 exchange after selling an 8 unit building with Capstone nearby.
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About Capstone:
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-housing investment properties. To do so, we provide comprehensive multi-housing advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-housing-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
