A 37-unit multifamily property, located at 2860 W 32nd Ave in the heart of Denver’s Highlands neighborhood, has sold for $7.5 million. Austin Smith of Nexus Commercial Realty, LLC, represented the seller, Shinji Wakura, and Brandon Kaufman & Nik MacCarter of Nexus represented the buyer, JDSM 2860 W 32nd Ave LLC.
The Flats on 32nd is a 24,069-square-foot building that consists of 10 studios, five one-bedrooms, and 22 two-bedroom units. The exterior walk-up apartments feature off-street tenant parking and a fenced courtyard with greenspace.
The property is located near the intersection of West 32nd Avenue & Federal Boulevard. The building sits near Highland Park and is blocks from the Highlands Square District. Lined with popular restaurants and bars, bookstores and boutiques, and Victorian era homes, the Highland neighborhood’s distinct character makes it one of the most sought-after urban neighborhoods in Denver.
The seller has put significant capital into the mechanics of the building recently and is capitalizing on the appreciation of the location and building over the last five years. The buyer plans to continue to operate the building at a high level as well as inject capital into the units to create the best community for the tenants.
Photo courtesy of Nexus