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2/05/26
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An eight-unit apartment community in Arvada, CO traded for $1.925 mil, or $240.6k/unit, in a deal we’re told marks the highest price-per-unit sale in Arvada in over two years outside of new construction projects. Located a half mile from Olde Town Arvada, which is listed on the National Register of Historic Places, the property is surrounded by abundant retail, dining and entertainment options.
Located at 5815 Pierce St, the property is made up of eight 1k sf townhome-style units with two bedrooms and one and a half bathrooms. The apartments were built in 1983 and feature laundry hookups in the basements and two off-street parking spaces.
Charlie Mitelhaus of CBRE represented the seller, Pierce Plaza LLC, in the transaction. The buyer was HBR1 Arvada LLC.
“The excellent suburban location in one of Denver’s most desirable suburbs and attractive unit layouts of these apartments garner a high renter demand,” said Mitelhaus. “While the units have been well maintained over the years, a value-add strategy exists in upgrading each of the units as well as adding an additional bedroom and bathroom in the basements.
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