ARMSTRONG CAPITAL DEVELOPMENT SELLS 2305 SOUTH COLORADO BOULEVARD IN DENVER
Denver, Colorado - Armstrong Capital Development (ACD) is pleased to announce the sale of 2305 South Colorado Boulevard (the Property) in Denver, Colorado for $5.5 million. The multi-unit retail building was originally acquired in 2015 via ACD’s opportunity fund ACD 2013 Fund, LP. The Property was 100% leased at the time of sale and marks the seventh property sold by ACD in the last twelve months, totaling approximately $55.4 million in transaction volume.
During ACD’s ownership period the Property underwent a broad-scale renovation that recast its dated building facades, signage and site work with modern architecture and functionality designed to capitalize on its high-profile location. Fronting the hard corner intersection of South Colorado Boulevard and East Iliff Avenue, the Property offers exceptional visibility and convenience to more than 43,000 VPD on a high barriers-to-entry commercial arterial. Surrounding residential demographics include 79,913 households with an average annual household income of $111,956 within a 3-mile radius.
“During our ownership, our team was able to meaningfully increase the net operating income at 2305 South Colorado Boulevard by redeveloping the asset to a Class A retail building with greater appeal to a broader retailer market,” said Jarrett Armstrong, CEO of ACD. “The sale of this asset demonstrates continued strong demand from tenants and investors alike for well-located, suburban infill commercial real estate; and represents another great outcome for the ACD opportunity fund portfolio.”
Founded in 2005, Armstrong Capital Development is a Denver-based private development company that acquires, develops and manages commercial real estate investments in the Intermountain West. ACD is actively pursuing opportunities within the Utah, Colorado and Arizona markets.