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ICONIC CHEESMAN PARK APARTMENT BUILDING SELLS

Posted by Unique Properties News Team on September 23, 2019
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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.

1177 Race St

Denver, CO  (September 23, 2019) —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.

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About The Park Cheesman Apartments

High-Rise City Living Right On Cheesman Park

  • Pets Welcome
  • Walk To Downtown, Capitol Hill, Cherry Creek, City Park, Uptown
  • Stunning Mountain and Downtown City Views
  • Concrete construction keeps units quiet
  • Friendly, On-Site Managers
  • Covered & Garage Parking
  • 24/7 Fitness Room
  • Heating & A/C In All Units
  • Ventilation Fans In Kitchens & Bathrooms
  • Large Indoor Swimming Pool
  • Men’s & Women’s Saunas
  • Rooftop Sundeck
  • Rooftop Game/Gathering Room
  • Laundry Room
  • Storage Lockers
  • Bus Stop Just A Few Steps Away
  • Everything You Need In Walking Distance

Location

About Unique Properties, Inc. / TCN Worldwide

Unique Properties, Inc. / TCN Worldwide is Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, providing solutions for a full range of property types including office, industrial, retail, land and multifamily. Unique Properties, Inc. provides clients with local know-how on a global scale through our association with TCN Worldwide, an affiliation of independent real estate firms in more than 200 markets with 62 offices in eight countries, throughout in North and South America, Europe, and Asia. The combination of Unique Properties’ global resources, creative solutions, experience, and strong leadership has resulted in production volume locally of over 300 commercial real estate transaction in 2016. We have been operating successfully for over 40 years and are acknowledged as an industry leader, providing services at the caliber of a global leader while maintaining the personal attention of a focused, privately owned firm committed to trust and excellence. For more information about the services provided by Unique Properties, Inc. / TCN Worldwide, please visit uniqueprop.com.

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