Cheesman Park apt. property sells for $6.75 million
Botnick Realty is boosting its presence in Cheesman Park. The firm paid $6.75 million for 1295 Race St. in Denver, also known as the Campbell Stone Memorial Residences , an income- and age-restricted community – located across the street from its Metropolitan Apartments, a mixed-age and -income property. Botnick Realty plans to continue to operate the building for the foreseeable future as housing for low-income seniors, noted Craig Stack of Colliers International Multifamily Advisory Group . “There was a lot of initial interest in the property,” said Stack, noting that due to the low-income and age-restricted nature of the community to individuals 55 and up earning 60 percent of area median income , it drew fewer bids than a market-rate property but still saw 16 offers. The community has been well maintained, included upgraded windows and underwent a number of additional capital improvements over the last 10 years, added Stack. The buyer is expected to make modest upgrades on t...