Capstone Cos. close on $10.5 million sale in Denver, CO

Denver, CO Capstone Companies has closed on the $10.5 million sale of The Mile Apartments: a multifamily apartment building located in an Opportunity Zone at 1598 Hooker St., near Sloan’s Lake Park and Mile High Stadium. This 24-unit building is brand-new construction 5 story building, consisting of 18,956 s/f that will have a mix of one- and two-bedroom units that will vary in size. Capstone’s Adam Riddle and Jason Koch sold the asset on behalf of the seller, The Mile, LLC. The same brokerage team represented the buyer, The Tekton Group, in the transaction. Given the property was purchased prior to the certificate of occupancy being issued, the buyer was able to receive tax incentives from the Opportunity Zone Program.

“When Adam approached us that he might have a buyer we weren’t really planning on selling.  We ended up finding a new opportunity to reinvest the sale proceeds, so we decided it would be a good time for us to move onto other projects,” said seller, James Herron from Highland Builders.

“Our investors have been looking for a long-term hold in Denver and we were able to find that with this purchase,” said buyer, Gabe Bodhi. “This is a great property in a great location.  We look forward to seeing it through completion, operating to stabilization and holding onto it long-term.”

“As with most new construction projects, it is not uncommon to encounter unforeseen issues or delays, things get moved around quite often; however, with patience on both sides, we were able to come to a successful closing,” said Riddle.