Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson sold a 27-unit apartment building that is located in the Cheesman Park neighborhood. The property is called Park Lafayette and its address 950 Lafayette Street, Denver, CO 80218.
NEIGHBORHOOD NAME: Cheesman Park
PROPERTY NAME: Park Lafayette
ADDRESS: 950 Lafayette Street, Denver, CO 80218
SALE PRICE: $3,950,000 (LIST PRICE: $4,100,000)
SALE DATE: 7/28/2014
BUILDING SIZE: 22,594 SF
LOT SIZE: 12,500 SF
PARKING: 9 Spaces
# OF UNITS: 27
UNIT MIX: 2-2Br/1Ba; 19-1Br/1Ba, 6-Studio
CAP RATE: 5.30% (actual)
CAP RATE: 5.95% (projected)
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.DenverApartmentBuildingsForSale.com or http://www.madisonprops.com.
CHEESMAN PARK APTS SELL TWICE WITHIN SIX MONTHS – 10% PREMIUM IN THE PRICE
DENVER, August 6, 2014 – Madison Commercial Properties announces the sale of The Park Lafayette Apartments, located at 950 Lafayette Street in Denver’s Cheesman Park neighborhood. The sale price of $3,950,000 equates to over $146,000/unit. The property was 100% leased at the time of sale.
The 27-unit property boasts an attractive mix of studio, 1 and 2 bedroom apartment homes. Located just one block from Cheesman Park, the property also offers a swimming pool and private balconies for most of the units. Greg Johnson and Kyle Malnati, of Madison Commercial Properties, represented the Seller and Buyer in the transaction.
“The market is so strong this year, that we just sold a building for over $300,000 more than we sold it for in January,” exclaimed Mr. Malnati, who noted the Seller made few improvements during his brief tenure as owner.
“The Seller had the highest bid amongst 10 offers at the beginning of the year,” Mr. Johnson added, “and yet when a change in strategy led him to quickly sell, he was still able to command a 10% premium over his purchase price.”
“We are seeing tremendous investor interest in Central Denver apartments this year, and prices have increased dramatically,” noted Mr. Malnati. “We reviewed apartment sales data from the past two years, and discovered that average sales prices have increased 89% since the summer of 2012.”
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Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850