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 a 12-unit apartment building located at 910 South Pearl Street in Denver’s West Wash Park neighborhood. ARA Colorado’s Robert Bratley and Justin Hunt represented the seller, a private local investor, in the transaction.
Blue Family Development, a local family owned boutique development and property management company, purchased 910 South Pearl for $1,350,000, representing a price per unit of $112,500, or $207.69 per square foot. The property was 100% occupied at the time of closing.
Robert Bratley explained, "The property’s proximity to Washington Park, Old South Pearl Street, Whole Foods, and the Louisiana light rail station made this a very attractive property. We even had large institutional buyers looking at the property because the location is irreplaceable. This neighborhood is built out and the opportunity to acquire one of the few multifamily assets in West Wash Park only comes around once in a while.” He added, “The buyers of this property are excited they found a building in this neighborhood. The exterior of the building is in good condition and the roof and windows were recently replaced, so the buyers intend on updating the units to get the rents up to market level.”
Constructed in 1963, 910 South Pearl is positioned in the heart of the West Wash Park neighborhood. Residents at 910 South Pearl enjoy one of the most walkable locations in the entire metro area. Residents are just blocks from Denver’s renowned Washington Park which features a 2.6-mile jogging path, newly renovated recreation center, and hosts hundreds of public events throughout the course of the year. Additionally, the property is located just blocks from the shopping and dining establishments located along the Old South Pearl Street 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, Robert Bratley at rbratley@arausa.com or Justin Hunt at jhunt@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.