By Ioana Neamt, Associate Editor
Berkadia Commercial Mortgage has arranged the sale of Emerson Lofts apartments, a Class A multifamily property in Denver’s Capitol Hill neighborhood. According to a news release, the $11.5 million sale was negotiated by Berkadia senior vice president John Laratta and Frank Farrell, at a 5.6 percent cap rate.
“The Denver area is a hot market for multifamily investments right now due to rapid hiring,” said Laratta. “We expect the market to remain active for the duration of 2015, particularly as investors continue to target larger Class A assets around central Denver.”
Emerson Lofts was developed in 2013 by Denver-based L.C. Fulenwider on a previously vacant lot in the city’s popular Capitol Hill area. Located just two miles from downtown Denver, the 42-unit property offers one-, two-, and three-bedroom floor plans with a modern design.
Community amenities include a courtyard, gate-controlled access, secure bicycle storage and covered parking. Unit amenities include washer and dryer, fireplaces, balconies or patios, extra storage, as well as Energy Star-rated appliances, Nest thermostats and energy-efficient lighting.
The Emerson Loft community offers residents easy access to downtown Denver, LoDo, Cherry Creek Shopping Mall, the Denver Zoo and the Denver Museum of Nature & Science.
Image courtesy of Berkadia Commercial Mortgage LLC