MADISON COMMERCIAL PROPERTIES ANNOUNCES THE SALE OF THE KALUA APARTMENTS
DENVER, October 17, 2012 – Madison Commercial Properties announces the sale of the Kalua Apartments at 1244 Emerson Street in Denver’s Capitol Hill neighborhood for $1,150,000. The Kalua was built in 1962, and consists of 12-units: 10 one-bedroom units and 2 studio apartments. The sales price equates to $95,800 per unit.
Kyle Malnati, a principal of Madison Commercial Properties, represented the seller, ACWONE LLC of Denver, and the buyer, an out of state investor, in the transaction.
“We had tremendous interest in the property,” said Mr. Malnati. Madison Commercial received four offers the first week at, or above, list price. “Several of the offers were very aggressive,” added Mr. Malnati, who noted he spent the weekend of his 30th birthday reviewing offers. “The Seller was really in the driver’s seat on this deal.”
“Buy low, sell high is the old adage,” noted Madison principal Greg Johnson. “Property owners wishing to take their profits have a tremendous opportunity to sell assets right now. Demand is high, capital gains taxes remain low, and prices have hit record levels.”
Sales prices for apartment buildings in Central Denver neighborhoods are up over 15% from last year, averaging $81,000 per unit. “The average sales price since July 1st is nearly $89,000/unit,” noted Mr. Malnati. “We’re in the best Seller’s Market that Denver has ever seen.”
Penny Newton of Chase Commercial Term Lending provided financing, and the transaction was closed by Stewart Title of Denver. Cornerstone Apartment Services will renovate and manage the building for the new owner.
The property was 100% occupied at the time of sale.
About Madison Commercial Properties: Madison Commercial Properties is a Denver-based commercial real estate firm specializing in apartment brokerage and investment sales in central Denver. Managed by Kyle Malnati and Greg Johnson, Madison Commercial Properties is a division of Madison & Co. Properties. For more information, please visit:
http://www.madisonprops.com/madisoncommercial.html or http://www.DenverApartmentBuildingsForSale.com.
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Madison & Company Properties
Madison Commercial Properties
1221 S. Clarkson Street, #300, Denver, CO 80210