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3/10/14
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Federal Square Village Apartments, a 72-unit multifamily property in Denver, was purchased by FSV LLC for $6.175 mil, or $85.8k/unit. The property, located at 3050 W. Floyd Ave, was 97 percent occupied at the time of sale, with 29 of the 72 units under Housing Assistance Payments (HAP) Contract.
The Federal Square Village Apartment community was built in 1973 and consists of four apartment buildings with pitched roofs, a laundry room in each building and two large maintenance sheds. The site is approximately 3.77 acres and has a favorable unit mix with two-, three- and four-bedroom units.
Transwestern Senior Vice Presidents Steve Rahe and Tom Wanberg represented the seller, Rich-Mar Properties III LLC. The seller had owned the property for the past 12 years.
According to Wanberg, “Properties on the west side of town continue to have high demand, and this offering had enormous interest from the investor community. Not only is the unit mix at this property very unique, but it’s rare to find a three-story walk-up with a front and back door to each apartment.”
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