On the Market: 5 Interesting Listings for the Week of 4/10

MHN's recent finds include two Colorado properties: one in the burgeoning Colorado Springs student housing market, and a historic four-unit property in Denver built in 1890.

On the Market is a weekly department curating the most interesting recent for-sale CRE assets. If you have a commercial real estate asset that you’d like to share with our readers, please email it to Associate Editor Mallory Bulman.

The Lookout on Cragmor

Location: Colorado Springs, Colo.

Year Built: 2016

Rentable SF: 67,439

Units: 71

Beds: 157

Average Unit Size: 950 SF

Features: Current average market rent per unit is $1,619; first student housing asset in city history; located near growing University of Colorado in Colorado Springs, has seen a 64 percent in enrollment increase since 2005; walkable property; significant demand for student housing in area; high-end apartment finishes.

Contact: Ryan Lang, ARA Newmark, 512-637-1296

brightonBrighton Place Apartments

Location: Phoenix, Ariz.

Price: $5.4 million

Price/Unit: $68,250

Year Built: 1988

Units: 80

Features: Renovated in 2016; units individually metered for electricity; all units have two bedrooms and one bathroom; upside potential with further upgrades; offered all cash/new loan.

Contact: Rue Bax, ABI Multifamily, 602-714-1406

College Park

Location: College Station, Texas

Year Built: 1963

Units: 60

Features: Located 1.5 miles from Texas A&M University and 1.75 miles from Blinn College; value-add opportunity with future rent increases; retail and entertainment destinations within two miles include HEB, Walmart, CVS, Walgreens, Northgate Entertainment District and Bryan Golf Course.

Contact: Brad Shaffer, ARA Newmark, 713-337-5806

1571 High Street

Location: Denver, Colo.

Year Built: 1890/2017

Price: $2.1 million

Price/Unit: $525,000

Units: 4

Average Unit Size: 1,000 SF

Features: Gross square footage is 7,004 SF; initial equity is $735,000; terms are cash to new financing; average market rent per unit is $2,450; fully-renovated property in City Park West neighborhood; high-end finishes throughout; in-unit washers and dryers; located blocks from St. Joseph Hospital redevelopment, City Park and Central Denver Rec Center; large, four-car garage.

Contact: Robert Bratley, ARA Newmark, 303-260-4415

The Legacy

Location: Austin, Texas

Years Built: 1969/1983

Rentable SF: 107, 038

Acreage: 4.27 acres

Units: 138

Average Unit Size: 776 SF

Features: Central Austin location situated minutes from the Mueller redevelopment; urban Austin rents are approximately $1,600 or more while the Legacy’s are roughly $900; current owner spent $425,000 renovating property exterior including roof, landscaping and pool upgrades; units remain a value-add opportunity; nearby properties have received rent increases of $100-$150 0r more by making similar upgrades.

Contact: Andrew Shih, ARA Newmark, 512-637-1219

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