1424 N Pennsylvania Ave., Denver, CO
Date Acquired: December, 2020
Date Sold: October, 2022
Status: Executed, Stabilized & Sold
The Elaine Apartments is a 23-unit pre-war building located in Denver’s Capitol Hill neighborhood. Built in 1926 and situated on a quaint tree-lined street, The Elaine exemplifies the true historic charm of Capitol Hill. ZS implemented a substantial rehabilitation program, renovating common areas, units and building systems. ZS incorporated a blend of both modern and classic elements while maintaining the quintessential allure of Capitol Hill and the timeless architecture of the pre-war property. ZS closed on the property for approximately $4.1M in December, 2020 and completed the project ahead of schedule for approximately $5.1M. ZS sold the property in October, 2022 for $6.9M, representing a gross IRR of approximately 27% and equity multiple of 1.55X in 21.5 months.