Newmark Multifamily announces the $8,450,000 sale of The Kentom Apartments, a four-story, 32-unit, Victorian-era community located at 1540 Grant Street in Denver. Executive Managing Director Justin Hunt, Senior Managing Director Andy Hellman, Associate Director Ryan Cohn and Transaction Manager Katie Hufnagel represented Classic Properties of Denver, LLC in the sale to New York-based Urban American Management, a company that owns and manages apartments in New York, New Jersey, Colorado and Texas. The Kentom Apartments is Urban American Management’s second acquisition in metro Denver.
“Sold at $264,063 per unit, The Kentom Apartments represents a new high watermark on price per unit for a non-parked asset in the very desirable Capitol Hill submarket,” remarked Hellman.
“The Kentom is considered one of central Denver’s crown jewels and is a rare property that has been immaculately maintained and restored to impeccable standards,” added Hunt. “The property’s rich history and proximity to Denver’s CBD make this an ideal location for residents.”
Built in 1908, unit interiors at The Kentom feature charming touches such as exposed brick, clawfoot bathtubs, Victorian chandeliers, original woodwork, front and rear entries to each unit, French doors, bay windows, working fireplaces and balconies. The Kentom also features a variety of spacious layouts that average 855 square feet as well as on-site resident storage.
The Kentom boasts a Walk Score of 97, Bike Score of 95, and a Transit Score of 89. Residents do not need a car to enjoy a true urban experience with easy access to major employers, notable retail and dining, a vibrant social scene, extensive recreational options and a plethora of neighborhood amenities nearby.
Classic Properties of Denver, LLC specializes in the acquisition, restoration and management of Denver’s finest historic apartment buildings. Established in 1999, the company has selectively acquired and restored over 300 individual apartments located in highly desirable neighborhoods including City Park, Cheesman Park, Denver Country Club, Governor’s Park, Capitol Hill and Congress Park.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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