Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson sold a 34-unit apartment building in the Lowry neighborhood yesterday morning for full/list price! The property is located at 835 South Quebec Street, Denver, CO 80247.
NEIGHBORHOOD NAME: Lowry South
PROPERTY NAME: Lowry Pines
ADDRESS: 835 South Quebec Street, Denver, CO 80247
SALE PRICE: $2,150,000 (LIST PRICE: $2,150,000)
SALE DATE: Tuesday 1/6/2015
BUILDING SIZE: 20,254* SF
LOT SIZE: 50,801* SF
PARKING: 50 Spaces
# OF UNITS: 34
UNIT MIX: 28-1Br/1Ba, 6-2Br/1Ba
CAP RATE: 6.81% (actual)
CAP RATE: 7.31% (projected)
*Reader to verify accuracy of square footage*
– Located Six Blocks South of the Affluent Lowry Neighborhood
– Sprawling 50,801 SF Lot (Rare for an Apartment Building in Denver)
– Community-Oriented Property with Center Courtyard and Resident-Attended Garden Plots
– Walking Distance to Retail Center with Several Restaurants
– Many Apartments have Updated/Contemporary Flooring
– Great Unit Mix (6-2Br/1Ba & 28-1Br/1Ba)
– Ample Off-Street Parking for Tenants
– High Visibility Location
CHICAGO INVESTORS PLAN IMPROVEMENTS FOR DENVER PURCHASE
DENVER, January 12, 2015 – Greg Johnson and Kyle Malnati of Madison Commercial Properties announce the sale of Lowry Pines Apartments located at 835 South Quebec Street near Denver’s Lowry Field neighborhood. The sale price of $2,150,000 equates to $63,235/unit.
The veteran brokerage team of Kyle Malnati and Greg Johnson, marketed the property and represented the Seller in the transaction. Kevin Moore of Keller Williams represented the Chicago-based Buyers.
“Our client had made some nice improvements to the property during her four years of ownership,” commented Mr. Malnati. “We understand that the new owners aim to make even more substantial improvements.”
Malnati and Johnson generated several competing offers for the property. “We had another investor waiting in the wings, hoping for an opportunity to purchase the building,” noted Mr. Johnson. “The price point was very attractive, and drew a large amount of interest,” he added. Prices east of Colorado Boulevard tend to be significantly below the Central Denver neighborhoods.
About Madison Commercial Properties
Madison Commercial Properties is a Denver-based commercial real estate group 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
Kyle Malnati (303-358-4250)
Greg Johnson (303-343-8333)
Madison & Company Properties
1221 S. Clarkson St. #300, Denver, CO 80210