Colorado Springs, CO (August 29, 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 an 11-unit multifamily asset located at 1411 South Corona Street in Colorado Springs, Colorado. The Property sold for $705,000 or $64,090 per unit. UAG represented both the buyer and seller and the transaction closed on August 15, 2016.
1411 South Corona Street has 8,265 net rentable square feet and a unit mix of two 1 bedroom units averaging 600 square feet and nine 2-bedroom units averaging 800 square feet. Constructed in 1964, the Property is a two story exterior walkup building. Prior to marketing the Property, the Seller stabilized the Property by increasing its rents. The Property is located along South Nevada Street which is currently a corridor that is undergoing improvements and development that reflect a bustling commercial district of new retail stores, restaurants and multifamily housing. The Buyer was attracted to the Property’s low vacancy rate and also saw a benefit to investing into a neighborhood that was achieving such great improvement and revitalization.