Local private investor 66 S. Clarkson St. LLC paid $2.34 million for Chill
, a 12-unit property located at 66 S. Clarkson St. in Denver's Washington Park neighborhood.
The property, which underwent extensive renovations in 2012, was 100 percent occupied at the time of the sale. Renovations to the 1959 building included finishes that rival those found in new, high-end construction, including designer floors and lighting, new stainless steel appliances, updated kitchens and bathrooms and balconies.
"This transaction is a continuation of the strong interest and momentum in the metro Denver market," says Justin Hunt, executive managing director of ARA Newmark
, which represented seller Incense Holdings LLC in the transaction. "The ability to secure permanent debt at historically low rates is leading to an increased appetite for stabilized, renovated assets."
The demographics surrounding Chill, just five miles southeast of downtown Denver, have helped the apartment building absorb rent premiums for renovated units.
"The buyer was able to secure this property due to the seller-friendly terms, which included a very large amount of non-refundable earnest money and a contract extension to help facilitate a seller 1031 Exchange if needed," says Robert Bratley, associate director of ARA. "We had higher offers, but favorable terms won the deal."
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at firstname.lastname@example.org.