CBRE Completes $6 Million Sale of Value-Add Apartment Building in Congress Park

CBRE announced today the $6,075,000 sale of the apartment building located at 1225 Colorado Boulevard in Denver’s Congress Park neighborhood. Robert Bratley with CBRE Capital Markets represented the seller, a private local partnership. The buyer, a Denver-based investment group, purchased the property in a sale that closed Oct. 23. Prior to its sale the seller renovated five of the 30 units. The buyer plans to continue renovations and fully update the property.

“The vast majority of investors targeting the private capital multifamily sector are looking for value-add opportunities and their potential for higher returns. 1225 Colorado Boulevard is a prime value-add property, and buyers took notice. With dozens of groups touring through the building, the buyer quickly understood the potential of the investment and beat everyone else to the punch,” said Robert Bratley, First Vice President, CBRE Capital Markets.

1225 Colorado Boulevard was built in 1945 and consists of 30 units totaling 20,210 sq. ft. The building includes one and two-bedroom apartments with an average unit size of 674 sq. ft. The property has 30 off-street parking spaces, on-site laundry and a large yard.

Located at the intersection of Colorado Boulevard and East 12^th Avenue, the property is two blocks from the new 9+CO redevelopment, a 26-acre project slated to include 2 million sq. ft. of mixed-use development upon completion. 1225 Colorado Boulevard is also within blocks of existing Congress Park shops, restaurants and bars including TAG Burger Bar, [email protected], Blue Pan Pizza and Swing Thai. Trader Joe’s and Sprouts Farmers Market are also within walking distance. Three hospitals are located within a half-mile, National Jewish Health, Rose Medical Center and the VA Hospital, which account for more than 3,500 healthcare jobs.