Denver Tops Multifamily Absorption List in November
According to the Yardi Matrix Multifamily National Report for November, demand for multifamily housing remains high nationwide. More than 320,000 multifamily units have been absorbed nationally. While it’s not expected that absorption will reach 2016’s cycle peak of 377,000 units, 2019 marks the sixth straight year with at least 250,000 multifamily units absorbed. …
Small Multifamily Property in Platt Park Sells to Out-of-State Investor
A four-unit, 3,082-square-foot multifamily property, on a 9,040-square-foot lot in Platt Park, has sold for $990,000. Robert Bratley with CBRE Capital Markets in Denver represented the seller, a local private investor. An out-of-state investor purchased the property in an all-cash transaction with no contingencies that closed in 14 days. “This property attracted apartment …
Rare ’90s Apartment Community in Colorado Springs Changes Hands
A 292-unit, 268,396-square-foot apartment community, called Advenir at Spring Canyon, located at 4510 Spring Canyon Heights in Colorado Springs, has sold for an undisclosed price. The buyer, who also was not named, anticipates a community rename along with upcoming renovations. Newmark Knight Frank (NKF) Executive Managing Director Kevin McKenna and Director …
CBRE Global Investor Acquires Westminster Apartment Community
A fund sponsored by CBRE Global Investors has acquired The Tenzing, a 320-unit multifamily property situated 25 minutes north of downtown Denver in Westminster. The acquisition of the property, which is located at 11674 North Pecos St., is aligned with the fund’s strategy of investing in target multifamily markets across …
13-Unit Apartment Building in Cheesman Park Sells for $4M
Worwick, a 13-unit apartment property located at 1158 Marion St. in Denver’s Cheesman Park neighborhood, has sold for $4 million. Greg Parker and Greg Price, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. …
24-Unit Apartment Building Sells in High Rent Growth Area
A 24-unit, three story apartment building on Federal Boulevard in Denver has sold for $3,145,000 or $131,042 per unit. Built in 1962 the property is just five blocks south of the new $37 million Denver Health Clinic. The fully leased apartment building, located at 1877 S. Federal Boulevard, is 16,944 …
Denver Developers Building Up Instead of Out
According to RENTCafé’s most recent study, mid-rise and high-rise buildings have taken over the apartment market scene, proving developers are building up instead of out, in their quest to provide a healthy supply of residential units. The study shows how apartment buildings have changed over the last 30 years, growing vertically …
Denver Apartment Absorption to Hit Record High
Increasing development remains overshadowed by strengthening demand as the Denver metro is on track to log a 130-basis-point drop in two years amid the completion of 19,000 units, according to Marcus & Millichap’s fourth quarter Multifamily Outlook report. High-wage jobs in the urban core and Tech Center continue to benefit Class A …
Land Approved for Rental Residential Community Sells in Thornton
Almost three acres of land that is part of the Poudre Trails Development in Greeley, has sold for $840,000. The land is approved for development into a for-rent residential community. Julius Tabert and Jon Rue with CBRE’s Northern Colorado office represented both the seller, Greeley-based Roche Constructors, Inc., and the buyer, West C Street …
Affordable Housing in Vail Valley Begins Construction
Modular builder Nashua Builders recently began construction on the first phase of Spring Creek Apartments, an affordable housing development being built in Gypsum, Colo., 25 miles west of Vail. Edwards-based Polar Star Development, doing business as Spring Creek Apartment LLC, is the developer and management company for the project. This first …