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Colorado apartments cost more in quarter

The state’s average apartment vacancy rate decreased to 6.2 percent from 9.1 in the second period of 2009. It was basically flat from 6.6 percent in this year’s first quarter.

Statewide apartment rents averaged $862.24 per month last quarter, up from $837.32 for the prior-year period and $840.44 in the first quarter.  Read full article

Denver Business Journal

Denver commercial real estate Q2 report: Retail, apartment sales up; office, industrial down

Commercial real estate sales in metro Denver were up for retail and apartment properties in the second quarter year over year, and down for office and industrial buildings, according to a new report by LoopNet Inc.  Read full article

Denver Business Journal

Denver-area apartment vacancies at 2-year low; rents up

Metro Denver’s apartment market had a strong showing in the second quarter, with a decrease in vacancy rate and an increase in rental rate, according to a Colorado Division of Housing report released Tuesday.  Read full article

Denver Business Journal

Aurora building comes to Dividend Capital in $1.3B portfolio buy

• Dividend Capital Total Realty Trust Inc. of Denver has closed on its purchase of an Aurora industrial building as part of its $1.3 billion portfolio purchase from iStar Financial Inc.
• Village West Apartments, 12155 W. 58th Place, Arvada 80004-4276 — Village West Apartments LLP of Arvada has sold this 58-unit residential property for $3.65 million, or $62,931 per unit. The buyer is Village West LLC of Arvada, according to Jefferson County property records. Pinnacle Real Estate Advisors LLC of Denver represented both seller and buyer.  Read full article

Denver Business Journal

Denver area’s apartment market continues improvement in Q2

In the second quarter, the metro area’s apartment vacancy rate dropped for the fourth quarter in a row — to 6 percent from 8.5 percent for the same quarter of 2009. “[That’s] the most prolonged positive growth for any Denver real estate sector,” the report said.  Read full article

Denver Business Journal

Furniture Row buys Watkins land for $6.5M

The Kensington Apartments, 1450 S. Reed St., Lakewood 80232 - This 42-unit apartment property has been purchased by Kensington LLC of Lakewood for $2.13 million, or $50,595 per unit. The seller was Mann to the Fifth Power Enterprises Inc. of Bayfield, east of Durango. Pinnacle Real Estate Advisors LLC of Denver represented the buyer.  Read full article

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Keen interest in apartment properties, says LoopNet

Investors shopping for Denver-area commercial real estate to buy looked hardest at apartment properties recently, according to LoopNet.com.  Read full article

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Apartment seekers willing to pay more to be near light rail

Proximity to transit ranked second only to geographic location as a driver in resident leasing decisions, the survey found. Common-area amenities were the third-most important.  Read full article

www.denverpost.com

Denver offering $12M in stimulus loans to redevelop foreclosed apartments

To qualify for the loans, a multifamily project must have five units or more - which makes it an apartment complex - and be located in eligible NSP2 neighborhoods. Those residential areas include Montbello, Green Valley Ranch, Northeast Park Hill, Elyria Swansea, Cole, Clayton, Chaffee Park, Globeville, Sunnyside, West Colfax, Villa Park and Westwood.

Projects in other areas might be eligible, on a case-by-case basis, according to the OED.  View full article

http://denver.bizjournals.com

Apartment complexes sell in Denver, Aurora

Michael and Kimberly Greenwood sold the 12-unit Greentree Apartments at 20 S. Pearl St. in Denver for $870,000, or $72,500 per unit. The buyer was a private Denver investor.

The property is in the West Washington Park neighborhood and was built in 1963.

Pinnacle Real Estate Advisors LLC represented both the seller and buyer in the deal. Read more

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