ICONIC CHEESMAN PARK APARTMENT BUILDING SELLS
Principal Marc S. Lippitt & Senior Broker Associate Justin Herman & of Greystone Unique Apartment Group were awarded the exclusive listing of the property and were the only brokers involved in the transaction.
Unique Properties, Inc. / TCN Worldwide, Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, is proud to announce the sale of The Park Cheesman Apartments located at 1177 Race Street, Denver, CO 80206 for $30,000,000.
Situated in an idyllic location, directly on Cheesman Park, this 88-unit property sold for $340,909 per unit and boasts large units with balconies, two stories of parking and abundant tenant amenities including a rooftop deck with unparalleled views of the city.
It’s a rarity when a property along the park hits the market- The Park Cheesman has maintained the same ownership for the past 42 years making this a once in a life-time purchase opportunity.
The property caught the attention of many investors not only locally, but nationwide, and multiple offers were received.
The property was purchased by a multi-family office based out of Los Angeles, California. The group (who wishes to remain undisclosed) is actively acquiring properties in markets across the Midwest and West Coast.
A managing partner for the new ownership group said “ We are thrilled to be part of the Denver community, which we find very appealing due to its vibrant and diversified economy” he added “we have a long-term vision for this asset and will leverage its irreplaceable location by investing in the building to make it a highly desirable and enjoyable home for our residents. We were thrilled to work with Marc Lippitt and Justin Herman of Unique Properties who were incredibly professional and responsive throughout the entire process”
The Sellers said “We knew when it came to Denver and unparalleled excellence, there was only one broker we could trust to represent us on this rare and coveted asset- Marc Lippitt of Unique Properties. We knew if anyone could accomplish our goals it would be Marc. We needed a seasoned professional for our family’s legacy asset.”
Sale Highlights
Sold Date: 9.23.2019
Sold Price: $30,000,000
# of Units: 88 | $340,909 / Unit
At the time of sale, the Park Cheesman was close to 98% occupied.