MADISON COMMERCIAL PROPERTIES ANNOUNCES THE SALE OF LINCOLN PARK at 664 South Lincoln Street, Denver, CO 80203
DENVER, October 29, 2012 – The Denver Apartment Buildings For Sale website and Madison Commercial Properties announces the sale of the Lincoln Park Apartments at 664 South Lincoln Street in Denver’s West Washington Park neighborhood for $2,005,000. Lincoln Park was built in 1967, and consists of 20 units: 17 one-bedroom, and 3 two-bedroom apartments. The sales price equates to $100,250 per unit.
“We’ve broken the ‘$100,000 per unit’ barrier with this sale,” announced Kyle Malnati, noting that this is the first “outside-walkup” style building to sell at this price point. Extremely popular during the construction boom of the 1960s, there are over 100 buildings of this style in the Central Denver neighborhoods. “We achieved a record price despite the location on a noisy street. I expect we’ll see more deals in this price range soon.”
Mr. Malnati, a principal of Madison Commercial Properties, represented the seller in the transaction. The buyer was represented by Dan Ferrick of Gibbons-White. Madison Commercial received multiple offers, and the property was 95% occupied at the time of sale.
“Over the past year, all of the units received new cabinets, appliances, windows and hardwood floors. The owner did all the right things to raise rents and maximize the value prior to sale,” stated Madison Commercial principal Greg Johnson, who advised the seller on his acquisition and repositioning of the property in 2011.
Sales prices for apartment buildings in Central Denver neighborhoods are up over 15% from last year. “The average sales price since July 1st is nearly $89,000/unit,” noted Mr. Malnati. “We’re in the best Seller’s Market that Denver has ever seen.”
About Madison Commercial Properties:
Madison Commercial Properties is a Denver-based commercial real estate firm specializing in apartment brokerage and investment sales in central Denver. Managed by Kyle Malnati and Greg Johnson, Madison Commercial Properties is a division of Madison & Co. Properties. For more information, please visit www.madisonprops.com/madisoncommercial.html or http://www.denverapartmentbuildingsforsale.com.
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Madison Commercial Properties
1221 S. Clarkson Street, Denver, CO 80210