24-Unit Apartment Property in Denver Sells for $4.85M
The Olive Tree Apartments, a 24-unit multifamily property located at 2550-2560 Ogden Street near Denver’s historical Five Points District, have sold for $4,850,000.
The 24-unit building consists of a rare mix of 1, 2, 3 & 4 bedroom units. The property is separately metered for gas & electric, and includes a tenant off-street parking lot.
The apartments are located in an excellent location near the intersection of North Downing & East 26th Avenue.
Jason Koch of Nexus Commercial Realty, LLC represented the seller, Nik MacCarter & Brandon Kaufman of Nexus represented the buyer in the transaction.
The buyer plans to continue operating the property as is for the duration of the LIHTC agreement, realizing that there is a need for low income housing in the neighborhood. The buyer hopes that the area around the buildings will continue to improve and grow with the city over time.
The seller plans on redeploying the equity in the building to a new investment with more units and higher cash flow.
Photo courtesy of Nexus