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 an 8-unit apartment building located at 785-787 Clermont Street in Denver’s Hale neighborhood. ARA Colorado’s Spencer Bradley and Justin Hunt represented the seller, a private local investor, in the transaction.
A private local investor purchased 785-787 Clermont Street for $835,000, representing a price per unit of $104,375, or $182.51 per square foot. The property was 100% occupied at the time of closing.
Spencer Bradley explained, "We saw a lot of interest in the property due to its prime corner location in a rapidly changing neighborhood. It's across the street from the CU Health Sciences redevelopment site and a few blocks from the currently under construction Trader Joe's. The property is poised for strong rent growth as these new projects continue to draw tenants to the Hale neighborhood.”
Constructed in 1940 and 1946, 785-787 Clermont Street is located in a hot bed of activity. Adjacent to one of metro Denver’s premier infill redevelopment sites, the University of Colorado Health Sciences Center, a 28.5 acre property located at the intersection of East 9th Avenue and Colorado Boulevard where future plans call for a mixed-use development including restaurants, retail, and housing. The location offers excellent access to employment opportunities in downtown Denver and Cherry Creek, as well as three prominent hospitals: National Jewish Health, Rose Medical Center, and the VA Eastern Colorado Health Care System. 785-787 Clermont Street also offers its residents unparalleled access to surrounding retail along Colorado Boulevard and one of Colorado’s first Trader Joe’s sites located just five blocks away.
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, Spencer Bradley at sbradley@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