Posh Denver Neighborhood Sees $14.5M Multifamily Sale
A classic Washington Park apartment building has sold to Denver-based Red Peak for $14.5M as the neighborhood remains a reliable buyer favorite.
CBRE’s David Potarf, Matthew Barnett and Jake Young represented the seller in the deal that closed Sept. 11. The sale is one of a suite of acquisitions by Red Peak, which has been on a buying spree since 2017. The name of the seller was not disclosed.
The seven-story, 51-unit at 10 North Emerson St. has an indoor heated pool, a rec room, a club and a sauna. It offers a mix of one- and two-bedroom units and is close to the South Broadway retail corridor.
“10 Emerson was extremely popular with investors due to its exceptional location proximate to Cherry Creek, the Denver Country Club and downtown Denver. It was a truly generational opportunity to acquire a well-built, unique asset in the Cherry Creek area submarket,” Potarf, an executive vice president at CBRE, said in a statement.
“This core urban location creates extremely high barriers to new multifamily development," he added. "High land prices combined with escalating construction costs effectively prohibit the ability to construct new mid and high-rise properties in the neighborhood, which makes 10 Emerson an irreplaceable asset.”