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 1861 Clarkson Street in Denver, CO. ARA Denver-based Associate, Justin Hunt, represented the seller, a private local investor, in the transaction. A private investor purchased the property for $700,000, which represents a price per unit of $87,500, and a price per square foot of $152.17.
Constructed in 1903, 1861 Clarkson Street is an 8-unit apartment community located in the Uptown Neighborhood, immediately east of Denver’s Central Business District (CBD). The property is a short walk from Exempla St. Joseph’s redevelopment and expansion of the former Children’s Hospital. Just blocks away 1861 Clarkson Street is Denver’s “Restaurant Row”, a stretch of 17th Avenue running from Broadway to City Park that is lined with cafes, bistros, taco bars, fine dining establishments, upscale restaurants, and a number of popular bars and clubs, almost all with outdoor patios.
1861 Clarkson Street was part of a 10 property, 72 total unit multifamily portfolio located in the Capitol Hill Neighborhood. All of the properties in the portfolio share an excellent central Denver location, just minutes away from employment, shopping, dining, and entertainment within the downtown Denver and prestigious Cherry Creek areas. Two properties sold in 2011 and 1861 Clarkson Street is the second to trade in 2012, all of which have been purchased by local, private investors. The remaining six properties in the portfolio remain on the market to be sold individually or as a portfolio.
“The Buyers intend on repositioning the property and will take advantage of the opportunity to grow rents in the desirable Uptown location. Once rehabbed, I anticipate seeing rent growth in excess of 25%. The Uptown market is already one of the tightest submarkets in the metro area, and this location in particular only stands to improve given the proximity to the St. Joseph redevelopment and expansion,” said Justin Hunt.
The property was 100% occupied at the time of closing.
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 678.553.9360, or Amy Morris at amorris@arausa.com or 678.553.9366; locally, Justin Hunt at jhunt@ARAusa.com.
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 average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com