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 executed the sale of Boulevard Gardens in Denver, CO. The property was purchased by an undisclosed buyer.
The property was acquired for $2,534,000, representing a price per unit of $63,350 and a price per square foot of $85.88. “This sale was funded through the Neighborhood Stabilization Program 2 (NSP2) and all 40 units will be subject to income and rent restrictions. Metro Denver has become a very heated apartment market and we are anticipating a second quarter vacancy rate near five percent, and based on feedback from owners and managers, we are seeing rent growth between eight and ten percent since this time last year. This sale will provide much needed affordable housing in the Denver metro area. A special thanks to those who assisted in facilitating the NSP process from the local HUD office and Office of Economic Development, mainly Melissa Stirdivant and Beth Truby,” said Justin Hunt.
Boulevard Gardens has transitioned from a formerly blighted community which, due to concerning living conditions, was required to be vacated in September 2009 to a completely renovated and remediated property. Boulevard Gardens is now leasing and is located at 2940 South Federal Boulevard in Denver, across the street from the Colorado Heights University, formerly the Teikyo Loretto Heights University.
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, 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 average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com