Local investor acquires Denver apartment community
A Denver investor recently acquired a 12-unit community at a price of more than $216,000 per unit.
The buyer, Vince Knight 2020 LLC, purchased the community at 1325 Madison St. in Denver from Fins Frathouse LLC. It paid $2.6 million, or $216,250 per unit and $315 per square foot, for the community, which had a single vacancy at the time of sale.
“This seasoned Denver investor has been looking for an asset like this for some time. Despite COVID-19, he is very enthusiastic about the future and is confident this property and Denver will thrive,” said Matt Lewallen of Aqyre Real Estate Advisors.
Lewallen and Kevin Calame of Aqyre Real Estate worked with the sellers as well as the buyers on the sale of the community.
Constructed in 1960, the community comprises 11 one-bedroom, one-bath units and one studio unit. It features onsite laundry and bike storage.
A majority of the units have been renovated as well as a “significant” number of exterior capital improvements have been completed at the community located near the retail amenities at 12th Avenue and Madison.
Featured in CREJ’s May 20-June 2, 2020, issue
