GRAND JUNCTION, CO – [December 13, 2021] – Blue West Capital has completed the sale of a Western Slope Portfolio located in Grand Junction, Colorado for $15,873,000. Managing Partners, Tom Ethington and Robert Edwards of Blue West Capital, teamed up with Principals Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors to represent the purchaser in this transaction. The team identified the large portfolio off market.
The Western Slope Portfolio includes 59 single-family homes, an additional 52 multifamily units, and three industrial properties in Grand Junction and the western slope. The 59 single-family homes made up 60% of the portfolio with below market rents. Overall, the portfolio sold for below market price and replacement costs.
“Grand Junction boasts a lower cost of living while residents get all that Colorado has to offer. Our client was looking for value add opportunities in markets with strong fundamentals and demographic growth. This portfolio was a great fit. We have seen apartment rents in the Grand Junction Market rise at about 5.7% on an annual rate during the fourth quarter of 2021, and have posted an average annual gain of 2.8% over the past three years. This will provide long term upside as the portfolio rental revenue is brought to current market benchmark.” – Tom Ethington, Blue West Capital.
Blue West Capital and NorthPeak Commercial Advisors both represented the purchaser to buy this portfolio. If you have any questions, please contact Tom Ethington at email@example.com.
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