Public records reviewed by GlobeSt.com show that the seller paid $1.1 million for the property in 1996. That means it sold the property for 130% more than it paid for it. However, the sale was less than the appraised value of $3 million.
Jim Lorenzen and Greg Johnson of Cornerstone Apartment Services Inc. handled the deal. The new owner also retained Cornerstone to manage the property and oversee an extensive renovation.
"The significant strengths of the building include large units and solid construction," Lorenzen says. "But it is time to bring the property back to life with some enhancements and updated features. The owners have asked us to install new kitchens, baths and hardwood floors, and make extensive exterior improvements."
This will be Cornerstone's 19th major renovation of a multifamily rental building in central Denver since 1996. Cornerstone is a commercial real estate firm specializing in brokerage, property management and building renovation for multifamily investors in the central Denver market.
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