ARA Newmark announced the sale of Chill, a 12-unit property located at 66 South Clarkson Street in Denver. The property sold for $2,340,000 or $297.86 per square foot. Executive Managing Director Justin Hunt, Associate Director Robert Bratley and Director Andy Hellman represented the seller, Incense Holdings, LLC, in the transaction. The property was sold to 66 S. Clarkson St, LLC, a local private investor. Chill was 100% occupied at the time of sale.
Hunt explained, “This transaction is a continuation of the strong interest and momentum in the metro Denver market. The ability to secure permanent debt at historically low rates is leading to an increased appetite for stabilized, renovated assets.”
The property underwent a renovation in 2012: the kitchens were updated with stainless steel appliances, the bathrooms were updated, new flooring was installed, and new lighting is featured.
Bratley stated, “The buyer was able to secure this property due to the seller-friendly terms, which included a very large amount of non-refundable earnest money and a contract extension to help facilitate a seller 1031 Exchange if needed. We had higher offers, but favorable terms won the deal.”
Chill is located three blocks to the west of the construction site of the Country Club Towers– a residential project that will house 558 apartment units in two 31-story towers. The Country Club Towers project is being developed by the Broe Group just southwest of the intersection of Speer Boulevard and Downing Street.