Denver, CO (April 5, 2016) — Unique Apartment Group (UAG), multifamily division of Unique Properties, Inc., recently represented the seller and buyer of a 14-unit multifamily asset located at 1530 Pearl Street in Denver. After receiving multiple offers from qualified buyers, the Property sold for $1,680,000 or $120,000 per unit. The transaction closed on March 17, 2016.
1530 Pearl Street has 5,937 net rentable square feet and a unit mix of eight (8) studio units averaging 400 square feet and six (6) one-bedroom units averaging 450 square feet. The Property was listed on the open market for less than a week before a buyer was procured. Located in the Capitol Hill neighborhood, the Property is central to Downtown Denver and all the amenities in the immediate area. With some minor cosmetic upgrades, the Buyer plans to achieve market rents.
“The buyer saw this property as a trophy asset with a strong and immediate need to raise rents in this popular Denver rental market” stated Ryan Floyd, Senior Broker at Unique Properties.