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Capitol Hill Multifamily Asset Sells for $2,900,000

Posted by Unique News Team on June 21, 2016
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Denver, CO  (June 9, 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 represented the seller and buyer of a 25-unit multifamily asset located at 1260 Pennsylvania Street in Denver, CO. After receiving multiple offers, the Property sold for $2,900,000 or $116,000 per unit and closed on May 31, 2016.

1260 Pennsylvania Street has 13,781 net rentable square feet and a unit mix of twenty-one studios averaging 420 square feet and four 1 bedroom units averaging 520 square feet. The Property is located in the heart of Capitol Hill, less than five minutes to the State Capitol and ten minutes to Downtown Denver. Constructed in 1924, the Property is a four story brick building with character and old world charm. The Buyer intends to renovate all the units and update the exterior. After completing renovations, buyer will raise rents to match the demand in the neighborhood.

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