Denver, CO (December 28, 2016) — Greystone Unique Apartment Group, multifamily division of Unique Properties, Inc., recently represented the seller and buyer of a 22-unit multifamily asset located at 605 26th Street in Denver, Colorado. This off-market transaction sold for $2,550,000 or $207,142 a unit and closed on December 22, 2016.
605 26th Street is a 12,390-square foot vintage style property that was constructed in 1889. The Property consists of twenty-two (22) one-bedroom units averaging 550 square feet. The seller stabilized the Property by raising the rents to market values and attaining a 95% occupancy level. Located in the up and coming Five Points Neighborhood, the Property is less than a block from the Light Rail station and at the center of a neighborhood that is experiencing significant revitalization to blend old and new construction. The buyer saw a long-term opportunity to acquire a stabilized Property in a maturing neighborhood.