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Page 4AA — COLORADO REAL ESTATE JOURNAL — March 18-March 31, 2015
Multifamily
by John Rebchook
Denver Lofts Multifamily DST
recently paid $11.5 million for
the Emerson Lofts apartment
building in Governor’s Park in
Denver.
The sales price of the three-sto-
ry, 42-unit apartment completed
in 2013 was 8 percent below the
asking price of $12.4 million.
“It was listed higher; how-
ever, the group that bought it
made an all-cash offer, which
motivated the sellers to take a
lower offer,” said John Laratta of
Berkadia Real Estate Advisors, a
Berkshire Hathaway company.
“It was kind of like ‘cash is
king,’” said Laratta, who listed
the property at 777 Emerson St.
on behalf of the seller, Denver-
based L.C. Fulenwider.
He listed the building with
Frank Farrell, formerly of Berka-
dia. Farrell has since formed
his own company, Farrell Real
Estate Service, or FarrellRES.
Chris Fulenwider, an archi-
tect and developer at CF Studio,
designed the property.
Although Fulenwider could
have gotten a higher price for
Emerson Lofts by accepting a
financed offer, the sale equated
to $423 per square foot, which
appears to be the second-highest
price per sf so far this year.
Only the Logan sale, at $443
per sf, is apparently higher.
“In any event, Denver multi-
family sales seem to be breaking
records and pushing the upper
limits on a regular basis,” Larat-
ta said.
“Records are made to be bro-
ken,” he said.
More important than that met-
ric is what the community repre-
sents, he said.
“I think the real story here is
the vision of a company (L.C.
Fulenwider) that has been active
in the Denver real estate market
for over a century and the fact
that building such a property at
seemingly the highest point in
the market did not take away
from their confidence in the
Denver market,” Laratta said.
The property was completed
in 2013 and fully leased within
six months.
It was 100 percent leasedwhen
it was sold to Denver Lofts
Multifamily DST, based in Oak
Brook, a suburb of Chicago.
Emerson Lofts recently sold.
Another view of Emerson Lofts, which was designed by Chris Fulenwider