Cushman & Wakefield has announced the sale of Layton Gardens Apartments, a 60-unit, 49,234-square-foot, multi-family complex located at 4801 S Acoma Street in Englewood, Colorado. The transaction closed on December 12 and sold for $9,550,000 or $159,167 per unit to Denver-based Wheelhouse Apartments. Tyler Stevens, Director, of Cushman & Wakefield Denver represented the seller in the transaction and Wheelhouse Apartments represented themselves.
“Despite Englewood’s central location, proximity to employment hubs and entertainment, and thriving medical centers, it is still one of the most undervalued markets in the Denver Metro area. The significant organic upside of this market combined with the buyer’s value-add strategy for the asset should make this an excellent investment,” said Tyler Stevens.
This value-add transaction was an off-market deal and the buyer plans to renovate the interior and exterior of the property along with raising rents to market-rates. Built in 1960, the property is centrally located in Englewood, just off Broadway with a 20 minute commute to Downtown Denver and a 15 minute commute to the Denver Tech Center.
Photo courtesy of Cushman & Wakefield
