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 West Washington Park Portfolio in Denver, CO. ARA Denver Principal, Terrance Hunt, and Senior Vice President, Shane Ozment, represented the seller, a local private investor, in the disposition.
The West Washington Park Portfolio consists of four separate buildings; 13 unit plus 1 retail unit located at 700 East 1st Avenue, 12 units at 66 Clarkson Street, 11 units at 65 Ogden Street, and 11 units at 59 Ogden Street for a total of 46 apartment units and 1 retail unit, all located in the heart of Denver’s prestigious West Washington Park Neighborhood.
The buyer, a local private investor, purchased the portfolio for $3,854,000, representing a price per unit of $83,783 and a price per square foot of $132.60.
“These properties were sold with their original appliances and finishes. The buyer intends to completely rehab the assets to reposition them and take advantage of the high rents in this submarket. It is rare to see properties come available in this is a location, much less a portfolio of properties. A bidding war pushed prices up forcing the sale above list price,” said Terrance Hunt, principal with ARA Colorado.
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, Terrance Hunt at hunt@ARAusa.com, or Shane Ozment at ozment@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