Botnick Realty is boosting its presence in Cheesman Park.
The firm paid $6.75 million for 1295 Race St. in Denver, also known as the Campbell Stone Memorial Residences, an income- and age-restricted community – located across the street from its Metropolitan Apartments, a mixed-age and -income property.
Botnick Realty plans to continue to operate the building for the foreseeable future as housing for low-income seniors, noted Craig Stack of Colliers International Multifamily Advisory Group.
“There was a lot of initial interest in the property,” said Stack, noting that due to the low-income and age-restricted nature of the community to individuals 55 and up earning 60 percent of area median income, it drew fewer bids than a market-rate property but still saw 16 offers.
The community has been well maintained, included upgraded windows and underwent a number of additional capital improvements over the last 10 years, added Stack. The buyer is expected to make modest upgrades on the common areas at the property.
The 66-unit property features a first-floor community room, small kitchen and piano area, a rooftop, outdoor amenity deck and a top-floor craft room, and it is one of only a handful of rental buildings on the block with direct access to the park.
Stack and Bill Morkes of Colliers represented the seller, Central Rocky Mountain Region Christian Church-Disciples of Christ. Since its construction in 1969, the property has been held by entities affiliated to the original developers. The sale represents the first new true owner in 48 years.
The seller will continue to support affordable housing and other missions in the region with the proceeds from the sale.
The buyer represented itself in the transaction.
