DENVER, February 2, 2014 – Madison Commercial Properties announces the sale of the Apartment Building at 950 Lafayette Street for $3,620,000. This property, built in 1961, has 27 spacious apartments with an attractive mix of studios, 1Bd/1Ba, and 2Bd/1Ba units. The sale price equates to over $134,000 per unit. Kyle Malnati and Greg Johnson, principals of Madison Commercial Properties, were Transaction Brokers for the Seller and Buyer.
“In 10 years, we’ve never had the level of interest that we did with this property,” stated Mr. Johnson. He added, “We had 11 tours on the first day of showings, and received 10 offers for the property.” “By the end of the week, we were under contract for $200,000 over list price,” noted Mr. Malnati.
2013 was a record year for Central Denver, with the average price of apartment buildings being just over $107,000 per unit. “That’s a 14% increase over the previous year, and more than 50% higher than the average in 2011,” stated Mr. Johnson, who has been tracking Denver apartment stats over the past 15 years.
“2014 is off to a great start,” added Mr. Malnati. “This sale, we expect, is indicative of another strong year for multi-family investors.”
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 & Company Properties, Ltd.