23-33 Pearl: CREJ News Article


As seen in the Colorado Real Estate Journal (By: John Rebchook):


The Laramar Group, a Chicago-based firm that is bullish on Denver and has been on a buying spree of central Denver apartment buildings, has made another record-setting acquisition in the Denver market.

In its first record breaking deal, last year it paid $7.15 million for the Alta Vera building near Cheesman Park.

The sale for the building, initially developed as ‘for sale’ condos, was $357,500 per unit, besting the previous record of $332,456 per unit equated to $357,500 per unit for the Verve apartment tower in downtown Denver.

Last month, Laramar paid $5.45 million, which equates to $160,294 per unit, for the 34-unit Sierra Park Apartments at 23 and 33 Pearl St. in Denver’s West Washington Park neighborhood.

It was the most ever paid for an outside “walk up ”apartment building in Denver, said Greg Johnson.

Johnson and Kyle Malnati of Madison Commercial Properties, represented the seller, a limited liability company headed by Norris Scott.

Read the rest of this article in the Feb. 4-17 edition of CREJ:  http://www.signatureflip.com/crej/journal/2015-02-04eEdition.pub/#6/z