Central Denver Neighborhood Multifamily Sales (2015Q3 Report)
Denver Apartment Buildings For Sale website published its 3rd Quarter newsletter for 2015.
The purpose of this newsletter is to provide insight on the direction of the Central Denver apartment sales market and to recap the transactions that have occurred since our last newsletter was published. These transactions occurred within the 3rd Quarter of 2015 (6/1/2015-9/15/2015).
Capitol Hill – Denver Apartment Building Sales:
8 properties sold ($195,922/unit Average)
9/03/2015 – 830 Emerson St. – 7 Units – Price: $1,461,975 ($208,854/Unit)
9/02/2015 – 785 Humboldt St. – 28 Units – Price: $5,650,000 ($207,786/Unit)
9/01/2015 – 1407 E. 10th Ave. – 16 Units – Price: $3,710,000 ($231,875/Unit)
08/31/2015 – 1002 E. 10th Ave. – 14 Units – Price: $2,850,000 ($203,571/Unit)
08/07/2015 – 636-648 Pearl St. – 40 Units – Price: $7,600,000 ($190,000/Unit)
08/07/2015 – 1202 Logan St. – 17 Units – Price: $3,230,000 ($190,000/Unit)
06/11/2015 – 830 Clarkson St. – 12 Units – Price: $719,000 ($102,714/Unit)
06/03/2015 – 1222-1226 E. 10th Ave. – 13 Units – Price $2,600,000 ($200,000/Unit)
Congress Park – Denver Apartment Building Sales:
2 properties sold ($187,708/Unit Average)
07/8/2015 – 1444 Saint Paul St. – 12 Units – Price: $1,705,000 ($142,083/Unit)
06/15/2015 – 1320 Garfield St. – 12 Units – Price: $2,800,000 ($233,333/Unit)
Hale/East Colfax – Denver Apartment Building Sales:
2 properties sold ($134,706/Unit Average)
07/31/2015 – 1525-1535 Filbert Ct. – 14 Units – Price: $1,750,000 ($125,000/Unit)
07/15/2015 – 833 Dexter St. – 20 Units – Price: $2,830,000 ($141,500/Unit)
DU/Baker – Denver Apartment Building Sales:
2 properties sold ($152,130/Unit Average)
06/30/2015 – 126 W. Bayaud Ave. – 8 Units – Price: $810,000 ($101,250/Unit)
06/22/2015 – 2421-2449 S. Gaylord St. – 15 Units – Price: $2,689,000 ($179,267/Unit)
Premium Prices Have Unlocked Gems
The Denver apartment market continued to show strength during the 3rd quarter. As prices reached $200,000/unit, we saw several truly special buildings come to market — in some cases, for the first time in a generation.
The Humboldt Street Apartments (785 Humboldt Street), for example; had been owned by the same family for decades. It was marketed and sold for over $200,000/unit to an investor that added it to their existing portfolio of Capitol Hill properties.
The Segovia (1407 E. 10th Avenue), located just off Cheesman Park, sold for over $230,000/unit last month. That classic 1930s-era building had been owned for over 25 years before it was sold. For the Seller, listing the property was an opportunity to take advantage of the current market conditions.
We expect to see additional vintage properties come market before the end of the year as owners are tempted by today’s exceptional pricing. These will be special buying opportunities!
For more detailed information about Apartment Building Sales in Denver, or to discuss your investment opportunities, please contact us at 303-771-3850 or visit our website at: http://www.DenverApartmentBuildingsForSale.com
~Kyle Malnati (303-358-4250)
Greg Johnson (303-343-8333)
Madison & Company Properties
1221 South Clarkson Street, #300, Denver, CO 80210
kmalnati@madisonprops.com
gjohnson@madisonprops.com
http://www.MadisonProps.com