58-Unit Multifamily Complex in Carbondale Sells for $9.15M

Garfield Avenue Apartments, a three-story, 58-unit complex located at 900 Garfield Avenue in Carbondale, Colorado, has sold for $9,150,000 or $157,758 per unit.

Tyler Stevens, director, and Steve Scrivener, senior associate, of Cushman & Wakefield Denver, represented the seller, MHP Funds, in the transaction. The buyer was Steve Elken of Elkco Properties, Inc.

“The property generated numerous offers due to a lack of workforce housing in the Roaring Fork Valley,” said Scrivener.

Located in a quiet residential setting, Garfield Avenue Apartments is comprised of 20 one-bedroom/one-bathroom units and 38 two-bedroom/one-bathroom units. The complex offers a large communal courtyard that provides tenants a quiet place to relax, barbeque and enjoy the breathtaking views of Mount Sopris.

Carbondale is a town of 7,000 residents situated about 13 miles south of Glenwood Springs and 30 miles north of Aspen. The property is within walking distance to numerous restaurants, bars, shops and outdoor recreational options such as the Rio Grande Trail, Crystal River & Sopris Park.

Photo courtesy of Cushman & Wakefield

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