Denver, CO (May 23, 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 31-unit multifamily asset named Washington Arms located at 1721 Washington Street in Denver. The Property sold for $3,650,000 or $117,741 per unit and closed on May 13, 2016.
Washington Arms has 16,326 net rentable square feet and contains 31 studio apartments averaging 425 square feet. The Property was listed on the open market for less than a month before a buyer was procured. This rare, vintage apartment building was constructed in 1926 and is positioned centrally in Denver’s Uptown Neighborhood. The Property is within a block to restaurant row and walking distance to all Downtown amenities.
The local seller was motivated to dispose of the asset due to record high prices and excellent market conditions. The buyer was attracted to the Central Denver Location and plans on investing additional cash to update the units and common areas.