Premier Wash Park Multifamily Portfolio Sold
Colliers Multifamily Advisory Group announced the sale of a three-property multifamily apartment portfolio in Denver’s Wash Park Neighborhood for $23,500,000 ($293,750 per unit and $535 per square foot). This portfolio comprises of 80-units and 43,915 square feet built between 1953 and 1960. The three properties are located within a few blocks of each other at 550 E 3rd Avenue, 50 Corona Street, and 25 Emerson Street, and minutes away from the beautiful, 155-acre Washington Park.
Bill Morkes and Craig Stack of Colliers represented the seller, Arel Capital, a real estate investment company headquartered in New York City. The portfolio sold to Denver-based RedPeak Properties.
“The seller completed a very attractive and well thought out renovation during their ownership which resulted in premium rents and pricing for the properties” said Mr. Stack. “We completed over 20 property tours and received significant interest from buyers.”
“It was a smooth acquisition due to RedPeak’s substantial presence and familiarity in the Wash Park neighborhood” Added Mr. Morkes. “This was Colliers’ second transaction with RedPeak in the submarket; the first being the sale of The Brit Apartments at 77 S Ogden in 2018.”
About Arel Capital
Since its founding in 2013, Arel Capital has closed over 55 transactions representing over $2 billion worth of real estate in 10 major cities within the United States. Focusing on large metropolitan markets and growing neighborhoods with improving domestic trends has been the driving force in Arel’s success.
About Red Peak
With the mission of energizing communities and bringing people together, RedPeak Properties specializes in multifamily development, acquisition, and management. RedPeak has focused their attention on the Colorado market since their founding in 2001.
About Colliers
Colliers Denver Multifamily Advisory group specializes in the disposition of multifamily assets in Colorado and the surrounding states including market-rate, affordable, senior, student, mixed-use assets, and land suitable for multifamily development.
For more information about this sale contact Craig Stack or Bill Morkes below.
Craig Stack
Senior Vice President
Multifamily Investments
Dir +1 720 833 4602
craig.stack@colliers.com
Bill Morkes
Senior Vice President
Multifamily Investments
Dir +1 303 283 4583
bill.morkes@colliers.com
