DENVER, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of Rocket, a 24-unit apartment building located at East 18th Avenue and Gilpin Street in Denver’s Uptown neighborhood. ARA Colorado’s Justin Hunt, Andy Hellman and Robert Bratley represented the seller, Boutique ApartmentsTM, in the transaction.
Saratoga Realty Services, a Lake Forest, Illinois-based real estate investment group purchased Rocket for $3,010,000, representing a price per unit of $125,417, or a record $291.50 per square foot. The property was 100% occupied at the time of closing.
Justin Hunt explained, "At 24 units Rocket achieved a record price per square foot for an apartment building under 200 units in this neighborhood. We have seen several sales approach the $300 per square foot mark and expect to surpass that benchmark for existing product in 2014.”
Constructed in 1963 and recently remodeled in 2006, Rocket offers residents an excellent Central Denver location adjacent to the Exempla St. Joseph’s redevelopment and expansion of the former Children’s Hospital. The property is also a short one block walk from Restaurant Row, which offers a plethora of Denver’s top cafes, bistros, fine dining establishments, upscale restaurants as well as a number of popular bars and clubs. The property’s location along 18th Avenue allows for easy access to and from Denver’s Central business District, which employs over 15,000 people and offers additional nightlife options.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@arausa.com or 404.990.4900, or Amy Morris at amorris@arausa.com or 404.990.4902; locally, Justin Hunt at jhunt@arausa.com, Andy Hellman at hellman@arausa.com or Robert Bratley at rbratley@arausa.com, or 303.260.4400.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.