Denver Apartment Buildings For Sale website announces that Greg Johnson and Kyle Malnati sold a 20-unit apartment building that is located in the Governor’s Park neighborhood. The property is called the Anglesey and its address 815 Sherman Street, Denver, CO 80203.
NEIGHBORHOOD NAME: Governor’s Park
PROPERTY NAME: Anglesey
ADDRESS: 815 Sherman Street, Denver, CO 80218
SALE PRICE: $2,125,000 (LIST PRICE: $2,200,000)
SALE DATE: 7/29/2014
BUILDING SIZE: 9,924 SF
LOT SIZE: 4,710 SF
PARKING: 1 Space
# OF UNITS: 20
UNIT MIX: 15-1Br/1Ba, 5-Studio
CAP RATE: 5.51% (actual)
CAP RATE: 6.03% (projected)
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.DenverApartmentBuildingsForSale.com or http://www.madisonprops.com.
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Madison Commercial Properties, Ltd. 1221 S. Clarkson Street, Denver, CO 80210 (303) 771-3850
MADISON COMMERCIAL PROPERTIES ANNOUNCES SALE OF ANGLESEY APARTMENTS
DENVER, August 6, 2014 – Madison Commercial Properties announces the sale of The Anglesey Apartments, located at 815 Sherman Street in Denver’s Capitol Hill neighborhood. The sale price of $2,125,000 equates to over $106,000/unit. The property was 95% leased at the time of sale.
The 20-unit property boasts an attractive mix of studio and 1 bedroom apartment homes. Built in 1929, the building offers vintage charm, and had been exceptionally maintained. Greg Johnson and Kyle Malnati, of Madison Commercial Properties, represented the Seller and Buyer in the transaction.
“It’s cliché, but the Buyers were very much drawn to the location of the property. The neighborhood near the Governor’s Mansion is exploding with new restaurants and developments,” stated Mr. Johnson, who also noted that the Buyers own other rental properties on Capitol Hill.
“The new owners expect the building to appeal to renters seeking the rich history and architecture of Capitol Hill,” Mr. Malnati said, adding, “This is a special building, and we expect rents will continue to climb.”