Denver Apartment Buildings For Sale website announces that Kyle Malnati and Greg Johnson sold an 8-unit apartment building in the Cheesman Park neighborhood yesterday afternoon. The property is located at 1320 Vine Street, Denver, CO 80206 (right across the street from Denver’s famous, Liks Ice Cream parlor).
NEIGHBORHOOD NAME: Cheesman Park
PROPERTY NAME: La Vina
ADDRESS: 1320 Vine Street, Denver, CO 80206
SALE PRICE: $1,055,000 (LIST PRICE: $1,025,000)
SALE DATE: 12/2/2014
BUILDING SIZE: 5,320* SF
LOT SIZE: 4,690* SF
PARKING: 1 Surface Space + 1 Garage
# OF UNITS: 8
UNIT MIX: 8-1Br/1Ba
CAP RATE: 4.99% (actual)
CAP RATE: 6.23% (projected)
*Reader to verify accuracy of square footage*
1320 Vine Street was sold by an investment partnership that owned the property for eight years. “This transaction had a special meaning for me as the Sellers were one of my first clients as a rookie REALTOR. Its very gratifying for me when a past client chooses to work with me again… especially when they’re clients from that long ago,” commented Kyle Malnati. He originally sold 1320 Vine Street to the out-of-state partnership when they purchased the property around Thanksgiving 2006 for $646,500. “This was our fourth closed transaction with the Buyers in 2014! We have helped them grow their multifamily investments in Denver with the addition of 37 units to their portfolio this year,” remarked Greg Johnson.
LOCAL INVESTORS PURCHASE CHEESMAN PARK APARTMENT GEM
DENVER, December 16, 2014 – Greg Johnson and Kyle Malnati of Madison Commercial Properties announce the sale of the apartment building located at 1320 Vine Street in Denver’s Cheesman Park neighborhood. The sale price of $1,055,000 equates to nearly $132,000/unit.
The veteran brokerage team of Kyle Malnati and Greg Johnson, represented both the Sellers and Buyers in the sale. This was their fourth successful transaction for the Buyers this year, having previously handled a sale and two purchases for the local investors.
“The Buyers had a clear goal to upgrade their portfolio this year,” commented Mr. Johnson. “We successfully sold a 13-unit property for them on Capitol Hill, and assisted in their purchases of three nicer properties totaling 37 units. They did a great job taking advantage of today’s strong market.”
This sale was also a reunion for Mr. Malnati and the Sellers. He previously brokered this property to them in 2006. “It’s always an honor when we have the opportunity to work with clients again,” Mr. Malnati explained.
Malnati and Johnson had listed the property for sale, and generated several competing offers for the property. “In the end, the Buyers were willing to pay the highest price. They have a terrific building that will be easy to operate,” added Mr. Johnson. “The location across from Liks Ice Cream should make it easy to entice their kids to help out.”
Special thanks to our transaction team:
TITLE: Brianna Corwin and Nichole Tinsley – Stewart Title
TRANSACTION MANAGER: Valerie Latham – Madison & Company Properties
LENDER: Heather Wiles – Steele Street Bank & Trust
– Fantastic Cheesman Park Location
– Vintage Charm with Hardwood Floors & Exposed Brick
– Off-Street Parking
– Vinyl Double-Pane Windows
– Seller-Owned Laundry
– Strong Resident Profile
– Opportunity for Upside in Monthly Rents
Kyle Malnati (303-358-4250)
Greg Johnson (303-343-8333)
Madison & Company Properties
1221 S. Clarkson St. #300, Denver, CO 80210