Denver Apartment Buildings For Sale website announces that Greg Johnson and Kyle Malnati sold Ansel Flats, an 18-unit apartment building, that is located in Denver’s Congress Park neighborhood. The property’s address is 1418 Adams Street, Denver, CO 80206.
NEIGHBORHOOD NAME: Congress Park
ADDRESS: 1418 Adams Street, Denver, CO 80206
SALE PRICE: $2,165,225 (LIST PRICE: $2,175,000)
SALE DATE: 8/28/2014
BUILDING SIZE: 8,874 SF
LOT SIZE: 8,554 SF
PARKING: 13 Spaces
# OF UNITS: 18
UNIT MIX: 17-1Br/1Ba, 1-Studio
CAP RATE: 6.56% (actual)
CAP RATE: 6.94% (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 & Company Properties. For more information, please visit http://www.DenverApartmentBuildingsForSale.com or http://www.madisonprops.com.
RENOVATED APARTMENT BUILDING SELLS FOR A PREMIUM
DENVER, September 15, 2014 – Madison Commercial Properties announces the sale of Ansel Flats Apartments, located at 1418 Adams Street in Denver’s Congress Park neighborhood. The sale price of this 18-unit building equates to $120,290/unit.
Greg Johnson and Kyle Malnati, of Madison Commercial Properties, represented the Seller and Buyer in the transaction. The building was 100% leased at the time of sale. “The owner did a wonderful job with his renovation of the property,” noted Mr. Johnson, who had represented the owner in his acquisition of the building in 2011.
The building was given an extensive make-over, including new hardwood floors, appliances and cabinets. The roof-top deck was also re-constructed. “The finishes in the apartments and the appeal of the roof deck generated premium rents at the property. In turn, the high rents made this property very appealing to investors,” added Mr. Malnati, noting that the brokers generated multiple offers for the property.
Formerly known as The Springdale Apartments, the property’s name was changed to Ansel Flats as a tribute to the famous photographer Ansel Adams, because of its location on Adams Street.
This is the third acquisition in the Congress Park neighborhood for the Buyer, a local real estate investor.
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Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850