Capitol Hill apartment complex sells to Boulder investor

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Denver County

Property Location: 600 & 624 Pennsylvania St., Denver

Property Description: 53-unit, five-story walk-up-style apartment building, 36,641 sf, YOC 1962 (renovated in 2015), brick construction

Land Size: 31,250 sf

Sales Price: $12.85M, or $242,453 per unit

Reception No.: 2017124604

Closing Date: 9/18

Grantor: JM Pennsylvania, Jason McCool, mgr.

Grantee: M and G LLC, Randal Bjerke, mgr., Boulder CO 80304

Financing: $8.1M payable to JP Morgan Chase Bank, NA, due 10-1-47

Comments: The average size unit is 691 sf. There are six studio units with 504 sf, 29 one-bedroom units @ 662 sf; four one-bedroom/one-bath units @ 715 sf; 13 two-bedroom/one-baths @ 809 sf; and one two-bedroom/one bath penthouse containing 1,050 sf. There are 28 parking spaces. This property last sold in January 2016 for $11.75M, an increase of 8.5%.

Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.

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