CBRE announced the $4 million acquisition of Stardust Apartments, a 17-unit multifamily property in Denver’s Capitol Hill neighborhood.
Robert Bratley with CBRE represented the buyer, a private 1031 exchange investor. Alex Walton with CBRE Capital Markets’ Debt & Structured Finance in Phoenix arranged the financing for the acquisition.
“My client had identified this property for a 1031 exchange on their last day to identify. By offering above-the-list price with no finance contingencies, we were able to position the client ahead of the competition and successfully complete the acquisition,” said Mr. Bratley.
Stardust Apartments includes a mix of studio, one- and two-bedroom units, ranging from 344 square feet to 790 square feet. Located at 1121 North Ogden Street, the three-story building is within walking distance to the new Ideal Market at 11th Avenue and North Ogden Street, as well as Potager, The Park Tavern & Restaurant, Snarf’s Sandwiches, Snarfburger and Sexy Pizza. The apartments are also within a mile of Downtown Denver.
