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66 Unit Denver Property Sells for $16.8M

Posted by Unique News Team on May 1, 2019
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Unique Properties Represented the Seller

safar-club-2
Denver, CO – April 25, 2019: Greystone Unique Apartment Group announces the sale of the Safari Club Apartments. Safari Club is a 66 unit apartment building located at 990 Logan Street in Denver, Colorado. Marc Lippitt, Scott Shwayder, and Justin Herman of Greystone Unique Apartment Group represented the Seller in the transaction. The property was marketed unpriced and sold to RedPeak Properties of Denver in an all-cash transaction for $16,800,000. THERE WERE MULTIPLE OFFERS AND INTEREST IN THIS ONCE IN A LIFETIME OPPORTUNITY TO PURCHASE ONE OF DENVER’S ICONIC APARTMENT BUILDINGS.

Safari Club Apartment Highlights:

  • Second highest price per door sale for unrenovated 1970’s apartments in Denver Colorado. The property sold for $254,545 per unit.
  • First time the property was marketed in almost 40 years. The property sold in February of 1981 for $1,193,400 ($18,082/unit)
  • In place rents are significantly under market. The average rent in the building is $1,378 per unit ($1.74 PSF).
  • The property is positioned to create world class amenities. The property features INCLUDED:
    • underground parking,
    • indoor swimming pool,
    • exercise room,
    • onsite laundry, and a community room
    • balconies & fireplaces.
  • Previous ownership had invested almost $400,000 in recent capital improvements in the past year. Improvements included; the roof, boiler, parking lot repair/striping, pump for the pool, elevator, and much more. These improvements significantly mitigate future capital requirements.

In February of 1981, Safari Club Apartments, LP acquired Safari Club apartments from the Wilson family. The property has been family owned and operated since the family purchased the property. Safari Club Apartments, LP had made upgrades to the property as things came up. The property was well maintained and in excellent condition for almost being 50 years old. Safari Club was designed and built by the late Roland Wilson in 1970. The property has stood up to the test of time with it’s twin-tee precast concrete construction.

For more information, please contact:
Marc S. Lippitt – Greystone Unique Apartment Group
303.321.5888 | mlippitt@uniqueprop.com

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