Capstone has closed the sale of The Mary Lou (958-968 North Washington Street) & The Riviera Apartments (3328 East 13th Avenue), a 30-unit multifamily portfolio for the sale price of $7,400,000. Gunnar Wilson & Brandon Kaufman of Capstone represented both the buyer and the seller in the transaction.
The portfolio consists of 30 one-bedroom units & 28 garage parking spaces. The Mary Lou & The Riviera are captivatingly architected and were originally constructed in 1929 & 1932, respectively.
The Mary Lou is located at 958 North Washington street in the historic & highly desirable Capitol Hill neighborhood. The property is located a half mile from Cheesman Park. The Riviera Apartments are located at 3328 East 13th Avenue in the Congress Park neighborhood, located a block from the restaurants & retail located at Madison Street & 12th Avenue.
The buyer was attracted to the rare opportunity to acquire two legacy assets located in two of Denver’s highly desirable neighborhoods. The buyer plans to add value to the properties through improvements and bringing rents to market.
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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.
