THE Opportunity
Completed in 2023, Carr Street Flats offers the benefits of new construction while providing attainable housing as an office to apartment conversion. This comprehensive rebuild included all-new MEP systems, roofing, landings, stairs, water/sewer lines, parking, windows, siding, and stucco, along with upgraded fire/life safety systems and brand-new unit interiors. Residents enjoy modern living at an average in-place rental rate of $1,387, 20% below the submarket average and 67% less than the monthly cost of homeownership.
Located in Wheat Ridge, a submarket with the third-lowest vacancy rate in Denver at 4.74%, Carr Street Flats is poised to outperform in a market characterized by smaller rental-oriented households and strong projected household growth over the next five years.
With seamless access to neighborhood transit corridors, a nearby light rail station, and proximity to major employment hubs, entertainment districts, and outdoor recreation, Carr Street Flats offers an unmatched combination of convenience and lifestyle for today’s renters.
Currently operating on an “all bills paid” model, the property offers investors a compelling opportunity to drive NOI growth by implementing a utility billback program.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Denver Office
1331 17th Street
10th Floor
Denver, CO 80202
Phone: 303.689.8312
Fax: 303.689.8352
Investment Advisors:
Mortgage Bankers:
Kevin Batt
Managing Director 303.689.8307 kevin.batt@berkadia.com
Robert Bratley
Managing Director 541.729.9667 robert.bratley@berkadia.com DRE #100039008
Mike Grippi
Senior Managing Director 303.888.3876 mike.grippi@berkadia.com DRE #40033945
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1391 Carr Street | Lakewood, CO, 80214
Proximity to Major Employment Hubs Located less than ten minutes from the Denver Federal Center, Union Boulevard and Denver West, the property provides convenient access to more than 165,000 jobs with Downtown Denver 15 minutes away as well.
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Public Transportation The Lakewood/Wadsworth Light Rail Station is less than one mile away, connecting residents to Union Station and the larger Denver Metro.
Adjacent to Retail and Recreation Positioned between Edgewater/Sloan’s Lake, Lakewood City Commons, and Golden, Carr Street Flats offers access to top retail, dining, and outdoor recreation.
Efficient, Attainable Living Thoughtfully designed floorplans provide modern living at a 67% discount to the monthly cost of homeownership.
Operational Value-Add Opportunity – Implementing a utility billback program can increase NOI by over 5%, enhancing the property’s investment potential.
Barriers to Entry Lakewood continues to be a less desirable location for new developments due to city ordinances that impede new construction, including a previous cap on new permits issued and a recent requirement to dedicate land for parks.
Jack Sanders
Director 720.474.5233 jack.sanders@berkadia.com DRE #100075645
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LOCATION
6969 W 90th Ave | Westminster, CO
1391 Carr Street Lakewood, CO, 80214 Jefferson 2023 Three Stories 34 One 13,662 402 32 0.94
Masonry Veneer & Stucco Wood Flat Membrane 1 Year Light-Weight Concrete Slab over Wood Frame Concrete Slab on Grade 0.51 Acres One Curb Cut Along Western Line of Carr Street
Whirlpool - Stainless Steel Electric Range/Oven with Overhead Microwave Whirlpool - Stainless Steel Shaker-Style Quartz Undermount Stainless Steel Single Bowl Subway Tile LVT Whirlpool - Stainless Steel
Address City, State Zip Code County Year Renovated Stories Units Buildings Net Rentable Area Avg SF per Unit Parking Parking Ratio
Exterior Materials Framing Roof Construction Roof Covering Roof Age Balconies
Foundation Land Area Location and Number of Entrances
Kitchen Specifications Range
Dishwasher Cabinet Materials Countertop Materials Sink
Backsplash Materials Flooring Materials Refrigerator
Brand New, Modern Apartments Transformed from an office building into contemporary apartments featuring stainless steel appliances, shaker-style cabinetry, and LVT flooring. Additionally, the 8 ground floor units are all ADA compliant; a rarity in the market.
Mack Nelson
Senior Associate 303.689.8348 mack.nelson@berkadia.com
Pam Koster
Senior Managing Director 303.981.3622 pamela.koster@berkadia.com DRE #100045388
Christopher Ellis
Senior Managing Director
303.689.8317
christopher.ellis@berkadia.com
Brian Huff
Managing Director 303.689.8314 brian.huff@berkadia.com
