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 1535-1537 Gaylord Street in Denver, CO. ARA Denver-based Associate, Justin Hunt, represented the seller, a private local investor, in the transaction. A local, private investor purchased the property for $525,000, which represents a price per unit of $75,000, and a price per square foot of $120.00.
Constructed in 1893, 1535-1537 Gaylord Street is 7-unit apartment community located just minutes away from Denver’s City Park, fine dining, museums, shopping, and downtown Denver. The property includes one studio unit, five one-bed/one-bath units, and one, one-bed/one-bath carriage house.
1535-1537 Gaylord Street was part of a 10 property, 72 total unit multifamily portfolio located in the Capitol Hill Neighborhood of Denver, CO. All of the properties in the portfolio share an excellent central Denver location, just minutes away from employment, shopping, dining, and entertainment within the downtown Denver and prestigious Cherry Creek areas. Two properties sold in 2011, including Gaylord Street, and the remainder of the portfolio is on the market.
Metro Denver had one of the country’s top performing apartment markets in 2010 and that trend has continued into 2011. The third quarter 2011 vacancy rate stands at 4.9% representing the lowest third quarter vacancy in a decade. As a result of tight vacancies and limited construction, effective rents in metro Denver increased to $1.09 per square foot, a 5.6% increase year-over-year.
“This property, like many we have listed in this Capitol Hill Portfolio, has been rented well under market and has great potential for rent growth. The buyer recognized the upside in rents and is well positioned for long-term success. The nearby area of Colfax Avenue has also seen recent improvements with the addition of new retail tenants,” said Justin Hunt, Associate with ARA Colorado.
The property was 100% occupied at the time of closing.
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.
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