The Denver Apartment Buildings For Sale website announces that Greg Johnson and Kyle Malnati of Madison & Company Properties sold a 28-unit vintage apartment building that is located in the Capitol Hill neighborhood. The property’s address is 1115 Logan Street, Denver, CO 80203.
NEIGHBORHOOD NAME: Capitol Hill
BUILDING NAME: Dresden
ADDRESS: 1115 Logan Street, Denver, CO 80203
SALE PRICE: $3,500,000
SALE DATE: 1/30/2015
BUILDING SIZE: 11,825* SF (Rentable)
LOT SIZE: 12,500* SF
PARKING: 15 Spaces (6-North, 9-South)
YEAR BUILT: 1925
# OF UNITS: 28
UNIT MIX: 24-1Br/1Ba, 4-Studio
*Reader to verify accuracy of square footage*
CREATIVE RENOVATION PRESERVES CHARM AND DRIVES PROFITABLE SALE
DENVER, February 6, 2015 – Greg Johnson and Kyle Malnati of Madison Commercial Properties announce the sale of The Dresden located at 1115 Logan Street, a 28-unit property in the Capitol Hill neighborhood. The sale price of $3,500,000 equates to $125,000/unit. Johnson and Malnati represented both the Seller and Buyer, and this transaction was part of a 1031 Exchange for each of the parties.
“The owner preferred an off-market sale, and we were able to accommodate that by making direct contact with our list of active investors,” stated Mr. Johnson. This marks the fourth transaction with this buyer in the last two years that the brokerage duo has completed.
The seller purchased the all-studio property in 2011 and immediately implemented plans to convert the studio units into one-bedroom “loft” apartments. “The seller’s desire was to renovate without significantly disturbing the 1926 vintage charm, which is very much still present throughout the building,” commented Mr. Malnati.
“In addition to his creativity inside the building, the owner made some nice improvements to the exterior of the property by adding parking, a dog run, and an outdoor sitting area,” said Mr. Johnson. “The improvements made by the owner, along with the current status of the market, resulted in a nice profit for the seller in just a few years,” added Mr. Malnati.
For more information about this apartment building sale in Denver’s Capitol Hill neighborhood or other Colorado commercial real estate transactions, please contact:
Greg Johnson 303-343-8333
Kyle Malnati 303-358-4250
Madison & Company Properties
Madison Commercial Properties
About: 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