Transactions Report for Week 05/08/17
CHATFIELD LAKE APARTMENTS SELL FOR $3,614,000
Littleton — Greystone Unique Apartment Group, multifamily division of Unique Properties, Inc., Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, recently brokered the sale of a 26-unit multifamily asset located at 8307 South Reed Street in Littleton, Colorado. The Property sold for $3,614,000 or $139,000 per unit and closed on May 1, 2017.
8307 South Reed Street is 21,783 square feet and was built in 1959. The Property consists of two (2) one-bedroom units that average 790 square feet and twenty-four (24) two-bedroom units that average 850 square feet. Prior to the sale, there were numerous property improvements completed including new parking lot paint, new boilers, windows, and electric panels. The Buyer utilized Freddie Mac’s small balance loan program provided by Greystone which resulted in a 3.8% interest rate on a 5-year term, 30-year amortization at the time of closing and will use Greystone Unique Apartment Group to refinance in the future. The new owner intends to hold the property long term.
PINNACLE REAL ESTATE ADVISORS ARRANGE SALE OF MONTE VISTA APARTMENTS and 3118-3120 WEST 23rd STREET – THE GLOVE FACTORY
MONTE VISTA SOLD FOR $3,475,000
Aurora – Pinnacle Real Estate Advisors is pleased to announce the sale of 2014 Emporia Street in Aurora, Colorado. The 36-unit apartment building sold on May 10th with a contract price of $3,475,000; $96,528 per unit and $168.28 per square foot.
The property was constructed in 1973. Josh Newell and Barton Thompson represented the seller and Josh Newell and Connor Knutson represented the buyer in the transaction.
3118-3120 WEST 23rd STREET – THE GLOVE FACTORY
Denver — Pinnacle is also pleased to announce the sale of 3118-3120 West 23rd Street located in Denver, CO. The 3,875 square foot multifamily building sold for $1,150,000 or $296.77 per square foot. Kevin Calame, principal, represented the seller in the transaction.
“Buyer traded into this asset from their 1031. The property was fully renovated in a great highlands neighborhood. Seller will be trading into a NNN deal out of state,” stated Kevin Calame.