Money Management

Cherry Creek North Townhouse Recovers $ 575,000 Per Unit


Townhouses in Cherry Creek North, a luxury multi-family community located at 101 Harrison Street in Denver, sold for $ 6.9 million, or $ 575,000 per unit, which is the most expensive multi-family per unit transaction recorded in Denver.

Erik Toll of Pinnacle Real Estate Advisors LLC. represented the seller and the buyer in the transaction. Andrew A Sumners is both an architect and developer of the townhouse property and completed construction in late 2016.

“Andrew Sumners is an accomplished architect whose experience has been brought to the fore with this property,” Toll said. “The retired zoning, high end finishes and desirable location make it truly one of a kind.

The twelve townhouse-style units offer tenants high-end construction, energy-efficient design, quartz countertops, 9-foot ceilings, private outdoor decks, heated underground parking, 24-hour video surveillance and a plethora of other desirable features. The property is professionally managed by Newcastle Properties, Inc.

“The buyer, a seasoned out-of-state investor, plans to capitalize on the rental demographics of one of Denver’s wealthier neighborhoods. The sticker price may catch some eye, but the current and long-term value makes it a real win for all parties involved, ”Toll added.

Photo courtesy of Pinnacle