Client Corner: Asbury Townhomes
Central Denver Apartment Market Report: Page 2 & 3 of our 2017 Q3 newsletter
In the 1970s, George Lycas purchased a 32-unit apartment complex in Southeast Denver. George was an owner-operator, and management of the property was a family affair for the owner, his wife, and their three children.
After his passing nearly 10 years ago, ownership and responsibility for the property transferred to his wife and kids. They continued his legacy of effective management for the past decade.
We were honored to be contacted by the family this summer when they made the decision to sell the property. We listed the property in June for $4,500,000. Within a few weeks, our marketing effort resulted in over 20 tours, 11 offers, and a contract for $300,000 over the list price.
With the collaboration of Buyer and Seller, we navigated a surprising title issue that arose – – the type of thing that can pop up after 40 years of ownership. In this case, it was a survey issue that was our main obstacle. With hard work, creativity, and cooperation, we worked through the problem together. The end result was a successful closing in October, and the beginning of the next chapter for the Lycas family.
by Greg Johnson