Earlier this week, Capstone, a leading real estate agency announced the closure of a 9,380 square foot land assemblage.
Currently the property consist of two single family rentals directly across the street from Grant Beacon Middle School in the Platt Park neighborhood. This prime property was sold for an impressive price of $1,500,000. The successful negotiation and facilitation of the sale were handled by Benton Adams, a dedicated broker at Capstone.
The property is zoned as U-MS-2X, allowing for the construction of a two-story multifamily building. The buyer of the property has outlined a comprehensive strategy to maximize its value by leveraging the current cash flow from the existing rentals to navigate through entitlements and cover the land basis.
Upon completion of the entitlement phase, the buyer intends to construct a new apartment complex, which will serve as a valuable addition to their expanding real estate portfolio.
Benton Adams expressed enthusiasm for the project, stating, "When the site became available, we moved quickly, beating out a few other offers. Our client is hyper-focused on this pocket and saw long-term value in the asset."
We'll be keeping an eye on this project and will return with any updates!
For any real estate inquires, reach out to Benton Adams