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6/22/18
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Two multifamily properties totaling 76 units in Brighton, CO sold for a combined price tag of $9.5 mil ($125k/unit). The assets, Crestone Apartments and Phoenix Apartments, were purchased by 29th Street Management LLC.
Crestone, a 40-unit apartment complex at 55 – 65 N. Kuner Rd, was built in 1972 and has a mix of one-, two- and three-bedroom units ranging in size from 515 sf to 895 sf. Phoenix, a 36-unit apartment complex at 101 – 151 W. Egbert St, was built in 1962 and offers spacious two-bedroom units. Both communities are located near the rapidly growing Denver International Airport Workforce Center.
Tom Wanberg and John Blackshire with Transwestern represented the seller, Brighton Terrace Apartments LLC, in the transactions.
“This record-setting price for 1970s product in Brighton affirms the strength of the multifamily market in 2018,” noted Wanberg. “No longer are we just seeing top prices in the core areas of Denver; rather, investors are moving into outlying areas seeking value-add opportunities.”
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