The Denver Apartment Buildings For Sale website is proud to report that Kyle Malnati and Greg Johnson of Madison & Company Properties represented the Buyer in a purchase of a 12-unit apartment building in Congress Park that sold earlier this week (Monday 5/19/2014).
Denver Neighborhood: Congress Park
Property Name: The Gallery
Address: 1320 Garfield Street, Denver, CO 80206
Sold Price: $2,275,000
# of Units: 12
Building Size: 8,817 SF
Lot Size: 7,058 SF
Year Built: 1961
Parking Spaces: 1:1
– Fully Remodeled with High End Finishes
– Parking Lot with Abundant Spaces for Residents
– Spacious Floorplans with Abundant Closets
– Great Congress Park Location
– Walking Distance to Retail: TAG Burger Bar, Under The Umbrella Coffee, The Daily Scoop
MADISON COMMERCIAL PROPERTIES ANNOUNCES SALE OF THE GALLERY APARTMENTS
PRESS RELEASE ISSUED on July 18, 2014 – Madison Commercial Properties announces the sale of the recently-renovated apartment community at 1320 Garfield Street for $2,275,000, which equates to nearly $190,000/unit. The property was 100% leased at the time of sale.
The 12-unit property boasts a unique mix of 1 and 2 bedroom apartment homes not typically found in a building of this size. Greg Johnson and Kyle Malnati, of Madison Commercial Properties, represented the Buyer in the transaction.
The property was extensively remodeled in 2013 by Cornerstone Apartment Services. The firm will continue management for the new owner, an experienced local investor.
“Our client was drawn to the truly turn-key nature of the investment,” Mr. Johnson commented, who noted that the building was generating premium rents.
Mr. Malnati noted the seemingly high price per unit of the sale, and added, “High rents have pushed apartment prices to unprecedented levels. Only two years ago, it was a surprise to see a sale above $100,000/unit. This year it’s rare when you don’t. ”
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 visitwww.madisonprops.com or www.DenverApartmentBuildingsForSale.com.
Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850
~Kyle Malnati (303-358-4250)
Greg Johnson (303-343-8333)
Madison & Company Properties
1221 S. Clarkson St. #300, Denver, CO 80210