Denver, CO (November 29, 2016) – Greystone Unique Apartment Group is pleased to announce the sale of The Domain at Wash Park, an apartment complex located at 300 South Lafayette in Denver, Colorado. The 20-unit complex sold at $7,600,000 or $380,000 per unit, a record-breaking price per unit for apartments in Central Denver*. The 17,619 square foot property sold on November 17, 2016 at a 4.88% cap rate.
- Nine (9) – 1 Bedroom / 1 Bath (639 s.f. per unit), Five (5) – 1 Bedroom / 1 Bath (832 s.f. per unit), Six (6) – 2 Bedroom / 1 Bath (1,066 s.f. per unit)
- Controlled Access, Fitness Center, Resident Lounge, Elevators, Garage Parking, & Rooftop Deck
- Designer Kitchens, High Ceilings, Granite Countertops, Stainless Appliances, Hardwood Floors, Walk-In Closets, In-unit Washer/Dryer
The class A multifamily asset was built in 2014, has modern unit finishes and plenty of common property amenities that mandate high rental rates. The investors were attracted to the Property’s Washington Park location, one of Denver’s most exclusive and historic neighborhoods. Profiting from the terrific location and new construction, the new owner plans to use the Property as a long-term income producing asset. The apartment complex was 95% occupied at time of sale.
“This sale offers a true reflection of the Wash Park multifamily market conditions,” said Jason Koch, Vice President of Greystone Unique Apartment Group. “Vacancy rates in the Wash Park submarket have consistently been one of the lowest in the state of Colorado. The sale price marks a new record in price per unit for under 50 unit new builds non-townhome construction which we expected to see since the barrier to enter this market is so high, with slim rental inventory across the board. There are fair expectations of consistent long term growth in rental rates and property value for the Domain at Wash Park,” he concluded.
*Record price for 50 units and under non-townhome construction