Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson sold a 9-unit apartment building called the Alta Apartments in Capitol Hill at 1236 Pearl Street.
PROPERTY NAME: Alta Apartments
ADDRESS: 1236 Pearl Street, Denver, CO 80203
SALE PRICE: $1,180,000
SALE DATE: 6/27/2013
SQUARE FEET: 7,942
# OF UNITS: 9
UNIT MIX: 7-1Br/1Ba (Main Building); 2-1Br/1Ba (Carriage House
CAP RATE: 5.37% (actual)
CAP RATE: 5.85% (projected)
MADISON COMMERCIAL PROPERTIES ANNOUNCES THE SALE OF 1236 PEARL STREET
DENVER, July 6, 2014 – Madison Commercial Properties announces the sale of 1236 Pearl Street in Denver’s Capitol Hill neighborhood for $1,180,000. Originally built in 1886, the 2-unit carriage house is actually the older of the two structures. The main building, a 7-unit built in 1929, has a rare design reminiscent of the classic craftsman construction of the 1920s. “I’ve often wondered which month the building was finished in 1929 as the tenants may have started occupying the units around the beginning of the Great Depression as Black Tuesday occurred on October 29, 1929,” said Kyle Malnati, who has personally sold the property three times in his career. The duo of buildings consist of 9 one-bedroom apartments. The sales price equates to just over $131k per unit.
FOR IMMEDIATE RELEASE Contact: Greg Johnson
MADISON COMMERCIAL PROPERTIES ANNOUNCES SALE OF ALTA APARTMENTS
DENVER, July 15, 2014 – Madison Commercial Properties announces the sale of the Alta Apartments, a 9-unit apartment community at 1236 Pearl Street in Denver. The sale price was $1,180,000, which equates to over $131,000/unit. The property was 100% leased at the time of sale.
Located in the heart of Denver’s Capitol Hill neighborhood, the property boasts an attractive mix of large one- bedroom floor plans with classic vintage appeal. Greg Johnson and Kyle Malnati, of Madison Commercial Properties, represented both the Buyer and Seller in the transaction. This was the second time Mr. Malnati had successfully listed the property for sale.
“It’s always a pleasure to generate repeat business,” offered Mr. Malnati. “This is a quintessential Capitol Hill building, and I was glad to work with it again.”
“We generated multiple offers on this property,” added Mr. Johnson, who also noted that average sales prices in Central Denver are up 89% in just two years. “We have seen tremendous rent growth and investor demand since 2012.”
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 visitwww.madisonprops.com or www.DenverApartmentBuildingsForSale.com.
# # #
Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850