17-Unit Apartment Community Sells in Congress Park
Lord Stanley Apartments, a 17-unit apartment community in Denver’s Congress Park neighborhood, has sold for $3,141,000.
Boomer Beatty and Peter Standley, vice president investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. Beatty and Standley also secured and represented the investor.
The Lord Stanley Apartments is located one block South of Colfax Avenue and City Park. This location draws in Denver renters with its proximity to downtown, as well as the burgeoning dining and entertainment scene along Colfax Avenue.
The property, built in 1965, is situated on approximately 0.14 acres and consists of a three-story exterior walk-up, offering 17 spacious one-bedroom/one-bathroom units. The building has been well maintained and features newer exterior stairs, new sewer lines, new landscaping, and fresh exterior paint.
Residents have access to building amenities, which include rare off-street parking, coin-operated laundry, and individual storage units.
An immediate upside in rents, the ability to implement a utility bill back program, and additional income from both the coin-operated laundry and the storage space rental, support the Lord Stanley’s position as a proven value-add opportunity in the core Denver.
Photo courtesy of Marcus & Millichap