Transactions Report Week of 02.26.18
Marcus & Millichap Arranges Sale of 13-Unit Apartment Building for $2.1M
Marcus & Millichap announced the sale of Kara Lynn, a 13-unit apartment property located in Denver, for $2.1 million. Stephen Scrivener, an investment specialist in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor.
Kara Lynn is located at 1974 S University Boulevard in Denver, directly across from the University of Denver. The property is positioned a quarter mile from I-25 and is within walking distance from the RTD Light Rail. The 13-unit, turn-key asset has been well maintained and features four studios, six one-bedroom and three two-bedroom apartments. Ten of the units have recently been renovated and in 2017 the roof and windows were replaced.
“The sale of this property supports the strength of the Denver multifamily market and reassures a strong buyer appetite to acquire rental properties,” says Scrivener.
After 15 property tours, 11 offers had been placed and the sale price reached 99 percent of the listing price.
Marcus & Millichap Arranges Sale of 3 Apartment Buildings for $24.75M
Marcus & Millichap announced the sale of three apartment properties in Aurora for a total of $24.75 million. Greg Price, Senior Director of the National Multi Housing Group in Marcus & Millichap’s Denver office, brokered the transactions for the buyer and seller.
All three buildings are in close proximity to the Fitzsimons Bio Science District as well as the University of Colorado Anschutz Medical Campus. The properties are also near the Colfax Station Light Rail and Denver International Airport is a 15 minute drive away.
Elm Grove and Fitzsimons Place are market-rate properties, while Shadow Tree is rent restricted with 60 percent Area Median Income units, in the extended use period. The buyer plans to upgrade units at Elm Grove and Shadow Tree moving forward. Fitzsimons Place underwent a full renovation four years ago.
- Baker Hughes Oilfield Operations, LLC sold 37,337 square feet of industrial space, located at 285 County Road 27 in Brighton, to BH Industrial Properties, LLC for $4.1 million. Travis Ackerman and Joe Solarte of Cushman & Wakefield represented the seller.
- Sheldon-Gold Realty, Inc. announced the sale of a 2,230-square-foot office condominium at 7485 E. Peakview Ave. in Centennial for $260,000. The seller was Boom Ventures LLC represented by Arthur Rosenboom of Keller Williams Realty DTC. The buyer, Doogan Investments LLC, was represented by Eric Gold of Sheldon-Gold Realty, Inc.
- Pinnacle Real Estate Advisors, LLC announced the sale of 3605-3615 S Knox Court and 1860 S Grove Street in Denver. The buildings contained 36 units total and sold for $4,201,120 ($116,698 per unit; $177.76 per square foot). Principals Josh Newell and Joe Hornstein represented the seller in the transaction.
- NavPoint Real Estate Group announced the sale of a 7,337-square-foot retail building at 120 S. Wilcox Street in Castle Rock. The seller, Guaranty Bank and Trust Company, was represented by Matt Writt of JLL. The buyer, FirsTier Bank, was represented by Matt Call of NavPoint Real Estate Group.
- Unique Properties, Inc. / TCN Worldwide announced the lease of 2193 West Evans Avenue in Denver. The 1,374-square-foot property was leased to Recovery Pathways, LLC, a drug rehabilitation center, for one year with the option to extend their lease. Unique Properties Executive Vice Presidents Sam Leger and Tim Finholm, and Broker Associate Kyle VanCamp represented the landlord, RDL Property, LLC.
- Unique Properties announced the sale of 7125 Reynolds Drive in Sedalia. The 20,000-square-foot industrial warehouse building sold for $2 million ($100 per square foot). The building was constructed in 1985 and sits on 2.2 acres of land. The property features heavy power, fenced yard space, a small office area, 1 ton jib crane, high ceilings and drive-in loading. Unique Properties Executive Vice Presidents Sam Leger and Greg Knott represented the seller, 7125 Reynolds LLC. The buyer, IMI, Inc, was represented by Building & Residences of Denver.
- Unique Properties announced the sale of 7755 Miller Drive in Frederick. The 43,919-square-foot single-tenant, industrial manufacturing building sold for $4.5 million (approximately $102 per square foot). Advanced Property Services purchased the property from 7755 Miller Dr, LLC. Unique Properties Executive Vice Presidents Sam Leger and Tim Finholm represented both the seller and the buyer.
- Unique Properties announced the sale of the land lease at 27171 Main Street in Conifer for $1,181,672. The 2,450-square-foot retail/fast food building is leased to Sonic on a long-term basis. Unique Properties Executive Vice Presidents Sam Leger and Tim Finholm, and Broker Associate Michael DeSantis represented the buyer, PPS Control, LLC. The seller, Paradigm Properties, LLC was represented by Marcus & Millichap.