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 the 24-unit Parkview Apartments located at the corner of Colorado Boulevard and 17th Avenue in Denver, CO. ARA Colorado’s Justin Hunt, Robert Bratley, and Andy Hellman represented the seller, a private local investment group, in the transaction.
A local private real estate investor purchased the property for $2,625,000, representing $109,375 per unit and $197.67 per square foot, for an exterior walk-up building consisting of 23 one-bedroom units and one studio.
Justin Hunt explained, “Parkview was a great example of the value that can be created by renovating older product. While $109,375 per door for one bedrooms and a studio may seem like a big number at first glance, the in-place rents were great and the return on equity was strong at this price. Parkview is the first of a few deals we’re currently working on that will push the $200 per square foot price for an older vintage in Central Denver”.
Constructed in 1972, Parkview Apartments offers its residents breathtaking views of City Park and urban conveniences highly sought after by Denver’s renter community. Denver’s City Park totals approximately 330 acres and is home to the Denver Zoo, Denver Muaeum of Nature and Science, and City Park Golf Course. Parkview is located minutes from Denver’s Central Business District giving residents ample access to the city’s best jobs. The property is also surrounded by some of the region’s top medical centers with Presbyterian Saint Luke’s Medical Center to the west, Rose Medical Center and National Jewish Medical and Research Center just two blocks to the south.
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, Robert Bratley at rbratley@arausa.com, or Andy Hellman at hellman@ARAusa.com, or 303.260.4475.
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 $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com