Cheesman Park Apartments Property Sells for $6.75 Million
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.
August 25, 2017
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.
