THE Opportunity
Introducing Peak 72, a premier multifamily property located in the highly desirable market of Grand Junction, CO. With 72 units, this property offers a diverse range of floor plans to suit various tenant needs. The unit breakdown currently includes 19 - one-bedroom units, 51 - two-bedroom units, and two - three-bedroom units.
What sets Peak 72 apart is its exceptional renovation program. Currently, 50 units have been fully renovated and 7 units have been partially renovated, showcasing modern finishes and amenities that command premium rental rates. The property presents an opportunity for the new owner to further enhance the property's value by renovating the remaining classic and partial renovations. Achieved premiums ranging from $178 - $292 over average in-place rental rates of classic units. This property has a proven path to increase top line revenue through further in-unit renovations.
Grand Junction itself is a highly desirable market known for its stunning natural beauty and outdoor recreational opportunities. The city attracts a diverse tenant base, including professionals, families, and retirees due to its strong economy, low unemployment rate, and favorable business climate. These qualities make it an ideal location for real estate investment. Peak 72 presents a compelling opportunity for investors seeking a thriving market and a property with tremendous potential.
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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.
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Denver Office
1331 17th Street
10th Floor
Denver, CO 80202
Phone: 303.689.8312
Fax: 303.689.8352
Investment Advisors:
Mortgage Bankers:
Christopher Ellis
Senior Managing Director
303.689.8317
christopher.ellis@berkadia.com
Brian Huff
Managing Director
303.689.8314
brian.huff@berkadia.com
Nick Steele
Managing Director
303.689.8306
nick.steele@berkadia.com
Nate Moyer
Director
303.689.8320
nate.moyer@berkadia.com
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72 units | built 1975 | 684 AVG SF
541 29 1/2 Road, Grand Junction, CO 81504
Accretive Assumable In-Place Debt: Assumable Fannie Mae SBL loan with ~$6,318,000 unpaid balance, 5.05% fixed, 30-year amortization, full term I/O, and 3 years remaining results in positive leverage on day 1. Loan assumption available but not required.
Light Value-Add Opportunity with Proven Upside: Ability to renovate 22 remaining classic units with achieved premiums ranging from $178-$292 over average in-place classic units. Ability to grow top line revenue by 8.5% in year one.
Significant Capital Expenses Completed:Current ownership has infused over $1.3M in Capex since 2021 including 50 full interior renovations, 7 partials, addition of a dog park, walking trail, gazebo picnic area, new parking lot, new roof, new exterior paint, new signage, new landscaping and BBQ grills, all new electrical breakers, renovation to laundry facilities, and a renovation of the office (two-bed unit).
High Performance in Historical Operations: 96% economic occupancy, minimal concessions, and no bad debt has led to 4.15% growth in EGI over the past 12 months.
Strong Market Fundamentals:Costar reports that stabilized properties exhibit a current average vacancy rate of 3.2%. Year-over-year rent growth is expected to be 3.3% in 2024, 3.8% in 2025, and 3.1% in 2026. Rent Growth is expected to peak in the second quarter of 2025 with 4.2% projected growth year over year.
Limited New Supply:Only 2 properties totaling 382 units are currently under construction and are projected to be completed in 2025.
Rare Opportunity of Scale in Western Slope: Only 5 market rate transactions of properties larger than 50 units have occurred over the last 10 years and none since 2021.
Regional Hub: Grand Junction is the largest city on Colorado’s Western Slope and provides a hub for the energy, agriculture, healthcare, and education industries in Western Colorado.
Unmatched Access to Outdoor Recreation: Over 1.5 million square feet of public land is accessible around Grand Junction, including the second largest concentration of natural arches in the world, numerous trails for hiking and mountain biking, over 300 alpine lakes, and over 1,600 acres of mountain terrain at Powderhorn Ski Resort.
Top 5 Best Cities in Colorado and Top Destination:USA Today ranks Grand Junction as a 2024 Top 5 Best City in Colorado. Named for the confluence of the Gunnison and Colorado Rivers, Grand Junction offers year-round activities and was also named a top place to visit in 2023 by the New York Times.
Excellent Demographics: The population of Grand Junction has grown 9.66% over the past 13 years and is projected to grow an additional 15.3% over the next 10 years. Compared to national growth of 8.48% and a forecast of 4.12% for the same periods. The MSA boasts an unemployment rate of 2.9% as compared to 3.7% for Colorado and 3.9% nationally.
INVESTMENT Highlights
72
2943-083-00-083
48,520
4.06
176,854
17.73
Pier & Beam
Wood Frame
Pitched - Composite Shingle
Units
Parcel Number
Gross Leasable Area
Acreage
Land SF
Density
Foundation
Roof
Construction
PROPERTY SUMMARY
541 29 1/2 RdGrand Junction, CO 81504Mesa County
Property Information
Mechanical Systems
Forced Air: Condensers & Swamp Coolers
Individual Domestic Water Heaters
Gas - Individual Forced Air Furnaces
A/C
Hot Water
Heating
Fees
$47
Appliction Fee
Parking
147
Surface Parking
2.04
Parking Ratio
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