CBRE announced the sale of a 25-unit apartment building located at 1729 Pennsylvania Street in Denver’s Uptown neighborhood. A confidential buyer acquired the property for $5.1 million. Erik Toll with CBRE’s Denver office represented the seller, a private investor, who initially purchased the property in 2018 for $1.8 million.
“When my client acquired the property, it was comprised of 18 outdated efficiency units, most with dilapidated systems and lacking private restrooms. After a substantial and thoughtful renovation, the all-cash sale of the property marks a 282 percent price increase and remarkable cash-on-cash return for the seller. The sale is a testament to the growing demand for studio apartments in Central Denver,” said Mr. Toll, vice president, CBRE.
Built in 1907, the four-story building was originally used as a service hotel for employees of the historic Brown Palace Hotel. The seller fully renovated the property in 2000, including adding seven units. Today the studio apartments include modern kitchens, stainless steel appliances, gas ranges, new oversized windows, and brand-new bathrooms. Historic charm is preserved through original hardwood flooring and exposed brick.
The property is located at the intersection of E 17th Ave. and Pennsylvania St., adjacent to 17th Avenue Restaurant Row and a short walk to downtown Denver.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
