Capstone has closed the sale of the Creekside Apartments located at 515 28 ½ Road in Grand Junction, Colorado, an 8,194 square foot multifamily property for the sale price of $2,560,000. Benton Adams and Austin Smith of Capstone brokered the transaction.
Built in 1976, the Creekside Apartments offer 24 units comprised of eight 2 bedroom/1 bathroom units, and Sixteen 1 bedroom/1 bathroom units. The property was purchased in 1979 by the seller and meticulously managed throughout his ownership. The asset offers tremendous and immediate upside in rental rates through cosmetic renovations and increased operational efficiency. Capstone was able to successfully negotiate favorable seller financing terms allowing both the buyer and seller to achieve their financial benchmarks.
Creekside Apartments is a short walk to Columbine Park provides residents with recreational space, and a proximity to HWY 6 offers ample retail and dining options. The property is located just under 15 minutes from the Grand Junction regional airport and seconds from I-70: access to travel and the mountains could not be easier.
The goal of Capstone is to help generate, maintain, and increase the value and profitability of our clients’ multi-housing investment properties. To do so, we provide comprehensive multi-housing advisory services in asset acquisition and development, strategic ownership decisions, market insight and positioning, property value analysis, and disposition brokerage to support our clients in every stage of ownership. This comprehensive multi-housing-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
