MADISON COMMERCIAL PROPERTIES ANNOUNCES SALE OF 1756 CLARKSON STREET DENVER, May 21, 2014 – Madison Commercial Properties announces the sale of the newly-constructed apartment community at 1756 Clarkson Street for $15,200,000, which equates to over $253,334/unit and $388/square foot. The sale closed within 90 of the final Certificate of Occupancy. The property was 100% leased at the time of sale.
The 60-unit property boasts an attractive mix of 1 and 2 bedroom apartment homes and offers many desirable amenities. Greg Johnson and Kyle Malnati, of Madison Commercial Properties, represented both Seller and Buyer in the transaction. “This was a very successful project for Palisade Partners,” Greg Johnson commented, referring to the Denver-based developer that had purchased the land in 2012 through Mr. Johnson. “Palisade took full advantage of the wonderful location and integrated the contemporary building into the surrounding Uptown neighborhood. Their lease-up was amazingly swift, demonstrating the appeal of the property.” Mr. Malnati noted the challenge of selling a building without existing market comps, “It’s a first for this new generation of niche Central Denver apartment construction. Institutional Buyers normally dominate the Class-A market. However, we found a private-capital investor that was drawn to the location, and we overcame the objection to paying a 5.24% cap rate solely on projected financials.” Denver Neighborhood: Uptown Property Name: Clarkson Apartments Address: 1756 Clarkson Street, Denver, CO 80218 Sold Price: $15,200,000 Price/Unit: $253,334 Price/SF: $388 # of Units: 60 Building Size: 39,145 SF Lot Size: 18,145 SF Year Built: 2013 Parking: Garage Spaces
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 or www.DenverApartmentBuildingsForSale.com. # # # Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850 Greg Johnson (303-343-8333) Kyle Malnati (303-358-4250) Madison & Company Properties 1221 S. Clarkson St. #300, Denver, CO 80210 http://www.DenverApartmentBuildingsForSale.com gjohnson@MadisonProps.com kmalnati@MadisonProps.com