Englewood Apartment Sale Demonstrates Strong Market Fundamentals
The Nicole Apartments, a 20-unit apartment community located just blocks from the Swedish Medical Center in Englewood, has sold for $2,710,000, indicating strong market fundamentals as well as high investor interest in Denver submarkets.
Matthew Beverly, Boomer Beatty and Peter Standley, all investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, Campus Apartments, LLC. Beverly, Beatty and Standley also secured and represented the buyer, 3444 Marion LLC.
The Nicole Apartments are in one of the city’s designated opportunity zones. “While the COVID-19 pandemic slowed the escrow process significantly, the buyer successfully initiated and completed the lending process during the shutdown,” said Beverly.
The property, built in 1970, consists of a three-story exterior walk-up situated on approximately 0.28 acres and offers 16 one-bedroom/one-bathroom units and four two-bedroom/one-bathroom units. The property offers residents amenities including on-site laundry and plenty of off-street parking. Residents also enjoy large floorplans with updated flooring, kitchens and bathrooms.
Photo courtesy of Marcus & Millichap