Josh Newell, JB Hochman and Kyle Malnati announce the following apartment building sale in Littleton, Colorado: 5510-5520 South Elati Street
Posted on Tue, Aug 04, 2009
5510-5520 South Elati Street sold on August 4, 2009 for $955,000. The Elati Townhomes are a 14 unit Apartments complex that consists of 2 - 2BR/1BA garden level apartments, 10 - 2BR/1BA townhomes and 2 - 3BR/1BA townhomes. The property's total square footage is 11,650 and was constructed in 1963 as two separate 7 unit buildings with a common courtyard.
Josh Newell & JB Hochman represented the Seller, 5510-5520 S. Elati, LLC and Kyle Malnati represented the Buyer, Ronald V. Christensen. The Buyer used private financing and the transaction closed in less than 30 days.
"This was an attractive opportunity for the Buyer since the property is mainly comprised of large, townhome style units. We helped the Sellers accomplish their goals by selling the asset at a remarkable price per unit in this market," commented Josh Newell. Kyle Malnati also added, "This transaction was especially interesting because the Buyer purchased the property with the use of funds from a 1033 Exchange. The Buyer sold another apartment building via eminent domain to the RTD that was to be used in the eventual redevelopment for a light rail station."