CBRE announced the $4.15 million sale of a new mixed-use property at 4300 East Eighth Avenue in Denver. Robert Bratley with CBRE represented the buyer, a local private investor completing a 1031 exchange.
Located on Eighth Avenue between Colorado Blvd. and Clermont St., the property includes four luxury townhome-style apartments and 2,827 square feet of retail space. Each 1,575-square-foot apartment has two bedrooms, high-end finishes, 18-foot living room ceilings, a balcony and a private rooftop deck. The building is adjacent to the new 26-acre 9+CO redevelopment.
“This was a great upgrade for the buyer who was looking to invest in a quality asset. The property is well-located, near one of the most anticipated mixed-use developments in the area,” said Mr. Bratley.
According to CBRE research, 2020 marked the sixth consecutive year in which multifamily was the leading property type for investment in the U.S. Its 34.2 percent market share of total 2020 investment far outpaced industrial’s 24.4 percent and office’s 21.3 percent. The report pointed to multifamily in the Mountain West region, including Denver, as an asset that performed better than average in the fourth quarter of 2020.
