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Paskin Group Acquires B Street LoHi Apartments In Denver For $29M

Property Image
SOLD
$29,000,000
Brian Mooney
Richard (Rich) Ritter
David (Dave) Martin
+ 1

Colorado

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MultiFamily
Sold 09/27/2023
the dealplayerscompscontact
Property Image
SOLD

Paskin Group Acquires B Street LoHi Apartments In Denver For $29M

1736 Boulder Street

See Similar Deals
MultiFamily
Sold 09/27/2023
Brian Mooney
Richard (Rich) Ritter
David (Dave) Martin
+ 1
the dealplayerscompscontact
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Summary

COLORADO
Asset Type:MultiFamily
Transaction Type:Sale

The B Street LoHi Apartments, a 73-unit multifamily property located at 1736 Boulder Street in Denver, has been acquired by Paskin Group for $29 million. The purchase price amounts to approximately $397,260 per unit. The seller of the property was developer Palisade Partners.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $29,000,000
  • Units: 73
  • Price Per Unit (PPU): $397,260

The acquisition of the B Street LoHi Apartments was executed by Paskin Group, with Michael Paskin leading the transaction. The brokerage firm Northmarq, represented by Rich Ritter, Brian Mooney, and David Martin, facilitated the deal between the buyer and the seller, Palisade Partners.

Players

David (Dave) Martin
NorthMarq
David Martin
1 deal$29M volume(303) 225-2130
BROKER
Brian Mooney
NorthMarq
Brian Mooney
5 deals$369.8M volume
BROKER
Richard (Rich) Ritter
NorthMarq
Richard Ritter
1 deal$29M volume(303) 832-1773
BROKER
MP
Michael Paskin
2 deals$29M volume
BUYER
MP
Michael Paskin
2 deals$29M volume
BUYER

Details

SOLD
IMAGE: Michael Paskin, Rich Ritter, Brian Mooney & David Martin DATE: 09/27/2023 ADDRESS: 1736 Boulder Street MARKET: Denver, CO ASSET TYPE: Multifamily BUYER: Paskin Group - Michael Paskin SELLER: Palisade Partners BROKER: Northmarq - Rich Ritter, Brian Mooney & David Martin SALE PRICE: $29,000,000 UNITS: 73 ~ PPU: $397,260 NOTE: Paskin Group has acquired the 73-unit B Street LoHi Apartments in Denver for $29 million, equivalent to $397,260 per unit, from developer Palisade Partners.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,546,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$103,030.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$137,474.80
Annual Debt Service$1,649,697.54