Derek Wessels Of Leeds West Group Acquires Former Firestone Auto Care Building In Denver For $3.5M

The asset involved in the transaction is a multifamily property located at 2000 North Broadway in Denver, CO. The property features a sale price of $3,500,000, encompassing 262 units within a building that spans 12,940 square feet. The price per unit (PPU) is $13,359, and the price per square foot (PPSF) is $270.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,500,000
• Units: 262
• Square Footage: 12,940
• Price Per Unit: $13,359
• Price Per Square Foot: $270
• Buyer: Derek Wessels - Leeds West Group
• Previous Owner: GBT Realty
• Previous Purchase Price: $5,360,000
• Year of Previous Purchase: 2021

The sale was significant as it marked a shift in plans from a 262-unit apartment complex to a new Big O Tires location. The former Firestone Complete Auto Care site had prior proposals for a 25-story apartment tower that were abandoned by the former owner, GBT Realty.