Apartment building sales in the Denver Metro area - 1235 Pennsylvania Street, 1190 S. Raritan Street, 1610 Boston Street
Posted on Tue, Oct 18, 2011
1235 Pennsylvania Street is a 5-unit apartment complex located in the Capitol Hill neighborhood of Denver,CO. The multifamily property was originally constructed in 1904 and includes 1-Studio and 4-1Br/1Ba units.
Joe Hornstein, commercial real estate broker for Pinnacle Real Estate Advisors in Denver, assisted the Seller (local investor) in the transaction. The Buyer was represented by Jeff Johnson and Matt Ritter, also with Pinnacle Real Estate Advisors. The transaction closed on October 18, 2011 with contract price of $620,000 or $124,000 per unit and $130 per square foot.
1190 S. Raritan Street is an 8-unit apartment complex located in Denver,CO. The multifamily property was originally constructed in 1961 and includes 8-2Br/1Ba units.
Joe Hornstein, commercial real estate broker for Pinnacle Real Estate Advisors in Denver, assisted the Seller (local investor) in the transaction. The transaction closed on October 11, 2011 with contract price of $350,000 or $43,750 per unit and $64 per square foot.
1610 Boston Street is an 8-unit apartment complex located in Aurora,CO. The multifamily property was originally constructed in 1970 and includes 7-1Br/1Ba units and 1-Studio unit. The property recently went through foreclosure sale and was lender owned at time of sale
Joe Hornstein, commercial real estate broker for Pinnacle Real Estate Advisors in Denver, assisted the Buyer (local investor) in the transaction. The transaction closed on October 17, 2011 with contract price of $240,000 or $30,000 per unit and $43 per square foot.
“These three recent small apartment building sales are a good representation of the Denver multifamily market right now. Well located Central Denver properties continue to sell for low capitalization rates at premium prices and properties located outside of Central Denver continue to sell for much higher capitalization rates and more attractive price per unit and price per square foot, as a comparison. Both submarkets represent an opportunity for investors if we continue to see low vacancy rates and continued rent growth.”
For more information on these apartment building sales in Denver or other Colorado commercial real estate transactions please contact Joe Hornstein at 303.962.9547 or jhornstein@pinnaclerea.com.
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To view a current list of our apartment buildings for sale in Denver, visit: www.pinnaclerea.com/featured-listings.