Denver Apartment Buildings For Sale
MADISON COMMERICAL PROPERTIES ANNOUNCES THE SALE OF STARDUST APTS
DENVER, April 24, 2013 – Madison Commercial Properties announces the sale of the Stardust Apartments at
1121 Ogden Street in Denver’s Capitol Hill neighborhood for $1,977,425. The Stardust was built in 1964, and consists of 17 units: 5 studios, 6 one-bedroom, and 6 two-bedroom apartments. The sales price equates to just over $116,000 per unit, and nearly $200 per square foot.
Kyle Malnati and Greg Johnson, principals of Madison Commercial Properties, represented the buyer in the transaction. “The owner preferred a direct sale, and we were able to match them with the perfect buyer for their building,” stated Mr. Malnati. “There were multiple offers on the table, but we presented the best solution.”
“We knew the building intimately,” noted Mr. Johnson, who had listed the property when the building previously sold in 2009. “This transaction went very smoothly, and the new owner is pleased with his investment.”
The Stardust Apartments are located in the heart of Capitol Hill, within a block of Whole Foods and numerous eateries. The apartments have been updated with modern finishes, and the property benefits from 11 off-street parking spaces, which is unique in the neighborhood.
“This purchase completed a 1031 Exchange for our client. We were pleased to successfully sell his 8-unit property on Capitol Hill, and move him into this larger property,” added Mr. Malnati.
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