Marcus & Millichap Sells $2.25 Million Townhomes in Denver 

DENVER, April 18, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 4401 East Jewell Avenue, a newly constructed five-unit townhome development in Denver, Colorado. The asset sold vacant for $2,250,000 at a 6.23% pro forma cap rate.

The seller, a private investor in this transaction, was represented by Boomer Beatty and Peter Standley, senior associates located in Marcus & Millichap’s Denver office. “This sale shows the strength of the overall housing market and the private capital market’s appetite for new build product,” Standley stated. The multifamily transaction also signified the strength of the Virginia Village market as well as the growth potential east of Colorado Boulevard. Beatty and Standley were able to price the deal in such a way that they were able to drive multiple offers and ultimately sell the property for $151,000 over list price.

The property was built in 2018 and offers five 3-bedroom/2.5-bathroom units. Each unit features large open floorplans with kitchen islands, hardwood floors, quartz countertops, custom iron railings, stainless steel appliances, and modern fixtures. The community includes amenities such as rooftop patios, backyards, basement build-outs, and two-car garages. The property is located within minutes of Washington Park, Denver Country Club, Cheesman Park, and Downtown Denver.