DENVER, CO—Capstone has closed the sale of The Mary Lou (958-968 North Washington Street) & The Riviera Apartments (3328 East 13th Avenue), a 30-unit multifamily portfolio for the sale price of $7,400,000. Gunnar Wilson and Brandon Kaufman of Capstone represented both the buyer and the seller in the transaction.
The portfolio consists of 30 one-bedroom units and 28 garage parking spaces. The Mary Lou & The Riviera are captivatingly architected and were originally constructed in 1929 and 1932, respectively.
The Mary Lou is located at 958 North Washington street in the historic and highly desirable Capitol Hill neighborhood. The property is located a half mile from Cheesman Park. The Riviera Apartments are located at 3328 East 13th Avenue in the Congress Park neighborhood, located a block from the restaurants and retail located at Madison Street and l 2 th Avenue.
The buyer was attracted to the rare opportunity to acquire two legacy assets located in two of Denver’s highly desirable neighborhoods. The buyer plans to add value to the properties through improvements and bringing rents to market.