Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson sold a 34-unit apartment building in the Wash Park neighborhood yesterday morning. Sierra Park is located at 23-33 Pearl Street, Denver, CO 80203.
NEIGHBORHOOD NAME: West Washington Park
PROPERTY NAME: Sierra Park
ADDRESS: 23-33 Pearl Street, Denver, CO 80203
SALE PRICE: $5,450,000 (LIST PRICE: $5,450,000)
SALE DATE: 1/7/2015
BUILDING SIZE: 19,635* SF
LOT SIZE: 16,416* SF
PARKING: 23 Spaces
# OF UNITS: 34
UNIT MIX: 30-1Br/1Ba, 4-2Br/1Ba
CAP RATE: 5.8% (actual)
CAP RATE: 6.2% (projected)
*Reader to verify accuracy of square footage*
Completely Renovated Apartments
Hickory Floors and Cabinets, Granite Counters
New Roof and Boilers
Abundant Off-Street Parking
Exceptional West Washington Park Location
Walking Distance to Local Restaurants and Entertainment
JOHNSON AND MALNATI SET RECORD PRICE WITH APARTMENT SALE
DENVER, January 12, 2015 – Madison Commercial Properties announces the sale of Sierra Park Apartments located at 23 & 33 Pearl Street in Denver’s West Washington Park neighborhood. The sale price of $5,450,000 exceeds $160,000/unit.
The veteran brokerage team of Kyle Malnati and Greg Johnson, represented both the Seller and Buyer in the transaction. At $160,000/unit, the sales price established a new high for this popular style of apartments that were widely built in the 1960’s and 1970’s throughout the metro area.
“The Seller, Pearl Street Denver Partners LLC, did a complete renovation of the property in 2013,” explained Mr. Johnson. “They selected all the right finishes, and were able to achieve excellent rent amounts.” The renovation of the property included new kitchens, bathrooms, flooring and lighting within each apartment. The building also received new boilers, windows, landscaping, and a new roof. This was the third extensive renovation project that the Seller has performed in the neighborhood in recent years.
“The building was in pretty average condition in 2012 when we brokered it to the current Seller,” stated Mr. Malnati. “It’s terrific to see the work they did, and the high price we were able to secure for them. It was very profitable.”
Laramar will manage the property for the new owners, a related entity. This is the eighth property Laramar has acquired in Central Denver in the past two years.
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.
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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