DENVER, CO MSA: Capstone has closed the sale of 4001-4065 Upham St, a portfolio of three adjacent multifamily properties in Wheat Ridge for the sale price of $12,100,000. Christian Burgdorf & Austin Smith of Capstone brokered the transaction. Local firm, Renegade Capital, purchased the properties from a local family that had owned the buildings since construction.
The buildings were constructed in 1961 & 1983, and the property has 63 total units. 43 of the units are 2 bed/1 bath garden style apartments, and 20 units are 2 bed/1.5 bath townhome style apartments.
4001-4065 Upham St is located in Wheat Ridge, just blocks from several restaurants, national retailers, and Lutheran Medical Center. The property has quick access to Wadsworth Blvd, I-70, and is a 10-minute drive to Downtown Denver.
This is the first time the properties have transacted since the seller and their family built them. The pride of ownership in the buildings is apparent from driving by the buildings, and the buildings hold strong sentimental meaning to the sellers. The owners put their trust in Austin and Christian to complete the transaction on their behalf and to procure a buyer that will add value to the properties and the tenants living in them moving forward.
Managing Principal of the Renegade Capital, Ryan Lawless had the following to say about the transaction and property: “I couldn’t be more excited about this addition to our portfolio. It’s exceedingly rare in Denver to find such a well-located asset that offers the value-add opportunity that Upham provides and we’re looking forward to executing our business plan. In such a difficult credit market, successful transactions require everyone involved to grind it out and this deal was no different. We are especially grateful for our friends at Capstone and Regions as well as our loyal investor base for helping make this a success.”