ARA Brokers the Sale of Bank-Owned Property for $39,706 Per Unit
- May 03, 2010
Lakewood, Colo.—Apartment Realty Advisors (ARA) brokered the sale of a 34-unit property located at 1205-1225 Yukon Street in Lakewood, Colo. The buyer purchased the property for a price of $1,350,000, representing a price per unit of $39,706, and a price per square foot of $49.63.
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,” says Terrance Hunt.
The property was 90 percent occupied at the time of the sale.
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.