DENVER, CO—Capstone Apartment Partners has closed the $12.85 million sale of Sunset Ridge: a 51-unit garden and townhome-style apartment asset in the Sheridan submarket of Denver, Colorado.
Capstone’s Benton Adams, Sean Holamon, and Adam Riddle sold the asset on behalf of Sunset Ridge Veterans Inc, who were long-term owners. The same brokerage team also represented the buyer in the transaction.
“We were very excited to be chosen to sell Sunset Ridge as it presented a unique challenge to effectively show value to buyers. Through our all-encompassing marketing process and national reach, we received multiple offers and ultimately chose the group with the best vision and excitement for the property,” said Benton Adams of Capstone.
“Sunset Ridge Veterans Inc has been the primary owner of 4100 S Hooker Street for the past 74 years. Between family and friends, the property has primarily been run as rentals throughout its time with an ever changing group of shareholders. Through a long collaborative process, we decided that it was time to sell the asset and allow shareholders to move in different directions. We interviewed other brokerage firms but ultimately decided to go with Capstone because of their knowledge and expertise in the multi-family space,” said Terry Holden, Secretary Treasurer of Sunset Ridge Veterans Inc.
The buyer is Los Angeles-based Reliance Multifamily. A representative said, “We have known the Capstone team for a while now and have been close on a few projects, but this one was especially intriguing to us. The legacy ownership and proximity to our other properties made it feel like a natural fit for the kind of value-add projects we seek to obtain. It’s a unique asset and we are looking forward to assuming ownership from the prior owner and treating it with the same pride and care that they exhibited.”
Built in 1938, Sunset Ridge is comprised two- and three-bedroom flats and townhomes. Each apartment home features vinyl plank flooring, granite countertops, ceiling fans, walk-in closets, washer/dryer, and a patio or balcony. The asset was approximately 96% occupied at the time of closing.