An individual investor purchased The Jackson, a 20-unit multifamily property in Denver's Cherry Creek neighborhood, from VAREco for $6.3 million. The transaction represents a price of $315,000 per unit.
The three-story building at 195 Jackson St spans 13,557 square feet and was originally constructed in 1947, with renovations completed in 2008. The property features a mix of seven one-bedroom units averaging 476 square feet and thirteen two-bedroom units averaging 652 square feet.
The transaction closed with an actual capitalization rate of 4.86%, based on the property's reported 2024 net operating income of $306,038. The building currently has a 10% vacancy rate.
The Jackson previously sold in April 2015 for $4,344,375, representing a significant value increase over the past nine years.
For the record
Matthew Lewallen and Kevin Calame of NorthPeak Commercial Advisors represented both the buyer and seller in the transaction.