There has been a resurgence in the Hale/Mayfair neighborhood surrounding the old
CU Medical Center near 8th Avenue and Colorado Boulevard. Our sale this month
of Melrose Place Apartments is the most encouraging sign for apartment owners yet!
Ten years ago, the news broke that the University of Colorado was moving its medical school to Aurora was the beginning of a long period of struggle for apartment buildings in the neighborhood. Without the student population, vacancy rates rose and rental income declined. In 2005, we successfully brokered the sale of Melrose Place for $1,075,000 just before the neighborhood began to decline. Five years later, in 2010, the school was gone and the new owner was only able to get $975,000 when he sold the property through another broker.
Fast forward to 2015, and the area is once again thriving. Trader Joe’s, Snooze, and other popular eateries and business have put the Neighborhood back on the map. Apartment buildings are being renovated, rents are rising, and new development is underway.
MELROSE PLACE – it’s back too! In similar condition to its sale in 2005, we just brokered the property for $2,400,000 ($141,000/unit). What a difference we’ve seen!
About Us: Proudly based in Denver,
CO, we are a commercial real estate group that specializes
in apartment brokerage and investment sales in Central Denver’s hottest neighborhoods.
Principals, Kyle Malnati and Greg Johnson, provide insight and experience to meet the needs of the private apartment investor. Combined, they have successfully brokered over $248,000,000 of Colorado real estate for their clients.
Purpose: The purpose of this newsletter is to provide insight on the direction of the apartment market in Central Denver, and to highlight the transactions that occurred between March 15, 2015 and June 15, 2015.
For more detailed information, or to discuss your investment opportunities, please contact us.
cell: 303.358.4250 KMalnati@MadisonProps.com
cell: 303.810.1328 GJohnson@MadisonProps.com