Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson just sold a 7-unit apartment building in University of Denver neighborhood at 1914-1926 South Columbine Street.
ADDRESS: 1916 South Columbine Street, Denver, CO 80210
SALE DATE: 2/28/2013
# OF UNITS: 7
UNIT MIX: 6-2Br/1Ba; 1-Studio
CAP RATE: 6.98% (actual)
CAP RATE: 7.35% (projected)
MADISON COMMERCIAL ACHIEVES RECORD PRICE FOR DU APARTMENTS
DENVER, March 6, 2013 – Madison Commercial Properties announces the sale of 1916 South Columbine Street in Denver’s Observatory Park neighborhood for $1,300,000. The building consists of 7 apartment units: 6 two-bedroom units and a studio apartment. The sales price equates to over $185,000 per unit, which exceeds all previous sales of apartment properties in the neighborhoods surrounding the University of Denver.
The property was listed and marketed by Kyle Malnati and Greg Johnson, principals of Madison Commercial Properties. “We received two offers the same day, and we were able to push the price even higher,” noted Mr. Johnson.
“There was a tremendous amount of interest in the property because of its location near DU and its rare mix of two-bedroom apartments,” stated Mr. Malnati. “The DU submarket is traditionally very strong, but we have never seen such high investor interest.” The previous record-price was $183,000 per unit paid for University Manor at 2142 S. University in June 2008 as part of the assemblage for a 213-unit project currently under construction.
“We expect prices will remain very strong in 2013,” added Mr. Malnati. “Low interest rates, low vacancy rates, high rents and high investor demand have combined to make this a fantastic Sellers’ Market.”
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 http://www.madisonprops.com or http://www.DenverApartmentBuildingsForSale.com.
Special thanks to:
TITLE: Sonya Bailey – First American Title Insurance Company
SELLER: Ryan Geiser – Old Faithful Asset Management
From the Seller: “Kyle Malnati and Greg Johnson recently sold my apartment building near the University of Denver at 1914-1926 South Columbine Street. I also have a larger apartment building under contract with Kyle and Greg to buy for my replacement property in a IRS Section 1031 Exchange. I am a licensed real estate agent in the State of Colorado and my family has been active in the Central Denver apartment market for over twenty-five years. Madison & Company Properties was able to secure a CASH Buyer for my apartment building in Denver. I originally met Kyle years ago through personal channels and asked Kyle to list my apartment building after an unsuccessful attempt by another real estate agent several years ago. I met Greg during the listing process and have never been more impressed with an apartment brokerage team.” – Ryan Geiser
For more information about this apartment building sale in Central Denver or other Colorado commercial real estate transactions, please contact:
Madison & Company Properties
Madison Commercial Properties
1221 S. Clarkson St. #300, Denver, CO 80210