Capstone Closed on the Sale of Opportunity Zone Site

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Capstone Colorado Land Team has closed the sale of 3425 W Colfax, an 11,875-acre Denver land property for the sale price of $1,190,000.  Tony Bobay and Travis Hodge of Capstone represented the Seller, Cradick Auto Investments, LLC and the Buyer, Highland Builders, LLC in this transaction.

This property was bought by the Sellers in 2012 and has been used as a car wash for over 25 years. The property was previously under contract in 2021 before the Buyer unexpectedly had to terminate. The Colorado Land Team, knowing the value of the property and maintaining a great relationship with the Seller, brought in a new Buyer and a quick close date. The current Buyer was attracted to the site because of its location in an Opportunity Zone, and plans on building a 30-unit apartment building named The Quimby on the site. It will include 16,000 SF of GFA, nine parking spaces, and 15 bike spots.

3425 W Colfax is conveniently located off Colfax Avenue, between cross streets King Street and Julian Street. The property is within a half mile of Empower Field and Sloan’s Lake, and less than a 10-minute drive from the heart of downtown Denver.

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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.

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