Denver, CO (September 20, 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 23-unit multifamily asset, Olive Tree Apartments, located at 2550-2560 Ogden Street in Denver, Colorado. The Property sold for $3,500,000 or $152,173 per unit and closed on September 9, 2016.
The turnkey Property was recently renovated with updated units, new landscaping, windows, parking lot and exterior paint. Olive Tree Apartments has 19,980 net rentable square feet and a unit mix of one studio averaging 375 square feet, sixteen 2-bedroom units averaging 675 square feet, four 3-bedroom units averaging 1,130 square feet and two 4-bedroom units averaging 1,300 square feet. Constructed in 1963, the Property consists of two brick exterior walk-up buildings.
Olive Tree Apartments are located in the Five Points Neighborhood, minutes from Downtown Denver and City Park. The Buyer was drawn to the clean property with stable cash flow its great location. The Property traded hands under 100% occupancy.
If you are a current multifamily property owner wondering how to approach selling your property with confidence, check out UAG’s blog post: Dear Seller, here is how you can approach the Denver multifamily market with confidence.
For additional inquiries about selling or purchasing Colorado multifamily property, please contact our Apartment team, the Unique Apartment Group at 303.321.5888 or visit their webpage at http://www.uniqueprop.com/uag.