Lafayette, CO (September 8, 2016) — Unique Apartment Group (UAG), multifamily division of Unique Properties, Inc., Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, recently brokered the sale of a 6-unit apartment building located at 205-207 East Cleveland Street in Lafayette, Colorado. The apartment property sold for $560,000 or $93,333 per unit. UAG represented both sides of the transaction which closed as an off-market deal on September 7, 2016.
The apartment property was constructed in 1900, and is centrally located in downtown Lafayette. Current tenants of this 5,339 square foot asset enjoy being just blocks away from various restaurants, breweries and shops. In addition to the prime location within Lafayette, the Buyer was more primarily attracted to the northern Colorado submarket which boasts low inventory for multifamily investment property.
205-207 East Cleveland Street consists of a one-bedroom unit, three, two-bedroom units and two, three-bedroom units. The new owner of the multifamily asset intends to renovate the existing units to increase the apartment’s property value.