ARA Brokers Sale of Bank-Owned Property for $50/Sq. Ft.
- May 12, 2010
Lakewood, Colo.—Multi-housing specialist Apartment Realty Advisors (ARA) recently brokered the $1,350,000 sale of a 34-unit property located at 1205-1225 Yukon Street in Lakewood, Colo.
The buyer purchased the property for a price per unit of $39,706 and a price per square foot of $49.63. The property was 90 percent-occupied at the time of the sale.
ARA Denver-based Vice President Shane Ozment and Principal Terrance Hunt represented the un-named seller in this transaction.
“This property was bank-owned and the buyer was attracted to the near-term upside of improving operations through hands-on management and the long-term upside of being within 300 yards of a future light rail station,” said Hunt.
Built in 1961, Twin Arms Apartments is located between 12th Avenue and Colfax Avenue, on a quiet street just one block from a future Light Rail station as well as a new retail development. The property sits back on 1.5 acres, on a quiet secluded street, with ample room for additional parking or new development.