Property Location: 900 E. Eighth Ave., Denver
Property Description: 28-unit, three-story apartment, 22,009 sf, YOC 1947, brick construction (11 one-bedrooms units, 17 two-bedroom/one-bath units)
Land Size: 25,000 sf
Sales Price: $6.23M, or $230,556 per unit or
Reception No.: 2018080093
Closing Date: 6/28
Grantor: Garr Investment Corp (Margaret G. Holcomb, pres.)
Grantee: The Don Edward LLC c/o Alden Brown & Co. (Judson Brown, mgr.)
Financing: $1.5M payable to JPMorgan Chase Bank, NA
Comments: This deal was handled by Chuck Sweeny of Sweeney and Co., 303-809-0823. There is an additional 4,397 sf in basement for laundry, storage and exercise. There are 25 storage lockers, an 18-space parking lot and eight detached garages. The average size unit is 786 sf. Expenses for the building are $4,740 per door, and the property sold on a going-in cap rate of 7.1%. The property is managed by Alden Brown & Co., 303-839-1112. The buyer also owns the Vogue Apartments, directly toward the east, at 940 E. Ninth Ave.
Comp of the Day is provided by John V. Winslow, president of Winslow Property Consultants. Winslow has more than 40 years’ experience in commercial real estate. He can be reached at 720-612-7878 or Colprop2012@gmail.com.