56-Unit Apartment Building Sells in Cherry Creek School District
Nexus Commercial Realty, LLC, a full-service firm for the multifamily commercial real estate industry in Denver, has closed on the sale of Cherry Creek Square, a 56-unit, 39,600-square-foot building for the sale price of $7,510,000. The building has an attractive location on E. Florida Avenue between S. Havana Street and S. Dayton Street in the Cherry Creek school district.
Jason Koch of Nexus represented the Seller, PFPS, LLC, and the Buyer, 9900 East Florida LLC.
This asset has an excellent unit mix of 40 one bedroom/one bathroom and 16 two-bedroom/one-bathroom units. Most of the units have been tastefully updated, while the building itself has newer windows, exterior paint, pitched roofs, and an updated boiler system along with 75 off-street parking spaces.
The buyer plans on making improvements to the landscaping and further improving the quality of the units with belief that the area can produce stronger rents. The seller was able to realize his gained equity and pursue larger assets.
Photo courtesy of Nexus