Colorado Springs, CO (December 18, 2017) — Greystone Unique Apartment Group, multifamily division of Unique Properties, Inc., Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, recently brokered the sale of Michigan Villa Apartments, a 14-unit multifamily asset, located at 3635 Michigan Avenue in Colorado Springs, CO. The Property sold for $1,008,000 or $72,000 per unit and closed on December 15, 2017. Zach Hansen represented the seller and Niklas MacCarter represented the buyer.
Michigan Villa Apartments is a 11,840-square foot property constructed in 1969. The Property consists of a unit mix of 2 one bedroom units, 12 two bedroom units and 9 oversized garages that provide additional income. Located near the intersection of Airport Road and South Academy Boulevard, the Property is within minutes to restaurants, shops and other local amenities. The Buyer was attracted to the value add opportunity in one of Colorado’s highest most sought after markets, Colorado Springs. New ownership intends to renovate the Property, raise rents to market value and hold the asset for future cash flow.
To schedule an interview with an advisor regarding this transaction or for more information about Greystone Unique Apartment Group, please contact: 303.321.5888.