Capstone Closed on the Sale of 3495 S Carr St

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Capstone has closed the sale of 3495 South Carr St, a 18,600 SF multifamily property for the sale price of $5,400,000.  Sean Holamon & Christian Burgdorf of Capstone brokered the transaction.

The building was constructed in December of 2020 and the property has twelve total units, all of which are 3 bed / 2.5 bath. Each unit features high end finishes including stainless steel appliances, in unit washer & dryer and a covered garage space.

3495 S Carr St is conveniently located at the corner of S Carr & W Hampden Blvd in a quiet neighborhood that is just a short drive from several parks, restaurants, and retail locations. The building is just blocks from US 285 allowing for easy access to the mountains and to I-25.

Capstone has been working with the buyer for quite some time looking for a newer construction asset and we brought this pre-market opportunity that met the criteria they were looking for. The property was an attractive investment as rents were being proven out on lease trade outs at around a 20% higher rate without needing much, if any, capital to get the units rent ready. The buyer plans to hold this high quality asset long term.

The seller is cashing out of different TIC’s and realizing gains in a slower business market. They have their eyes on a property in Texas that is north of a 7% cap yield play that Capstone also found off-market. “Capstone met both the selling needs we had by achieving a great price as well as showing multiple buying opportunities as we searched for yield in a difficult market to navigate” said the prior owner.

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