Josh Newell & JB Hochman announce the following apartment building sale in Lakewood: 1305 Estes Street
Posted on Fri, Nov 27, 2009
Estes Village is a 27 unit apartment building located in the Lakewood, CO. The property was constructed in 1973 and consists of 12 - 1 Bedrooms/1 Bath units and 15 - 2 Bedroom/1 Bath units.
Josh Newell and JB Hochman represented the Buyer, Lana Properties, LLLP and the Sellers, Deborah Sullivan and Kirk Pasquinelli in the transaction. The transaction closed on November 27th, 2009 with contract price of $1,237,000. Newell added that the property received new roofs while under contract and there was a good amount of deferred maintenance at the property. This was the Buyer's upleg in their 1031 exchange. "The property had been on the market for over two years with other brokerage companies before we listed it, so it was definitely a challenge to get the market excited about the property," Newell said. This transaction represents the largest Lakewood apartment building to sell in 2009.