Josh Newell & JB Hochman announce the following apartment building sale in Denver, Colorado: 1820 South Grove Street
Posted on Fri, Sep 25, 2009
Grove Lanai is an 18 unit apartment building located in Southwest Denver. The property was constructed in 1961 and consists of (12) 1bd/1ba & (6) 2bd/1ba units. The property was fully occupied at the time of sale.
Josh Newell and JB Hochman represented the Seller, a local investor, in the transaction and the Buyer, T H Steele, was represented by Steele Real Estate. This transaction closed on September 25th, 2009 and the contract price was $750,000 or $41,667 per unit. The property was under contract for just 6 days. "Rarely do we see 6 day contracts, so the Sellers took advantage of the opportunity and were able to avoid all the turbulence associated with the lending environment," added Josh Newell.