Southwest Denver apartment building commands $100K per door

The property was an off-market deal as the seller was contacted by Pinnacle Real Estate Advisors. The seller was represented by Jeff Johnson & Matt Ritter, while Drew Goodman, 303-407-9785, J.B. Hochman, 303-962-9533, & Justin Brockman negotiated the deal on behalf of the buyer. The property will be completely renovated as the borrower/buyer borrowed an additional $1.6 million to $2.5 million for renovation, equating to a low end of $35,000 per door to $54,000 per door on the upper end. Renovated one-bedroom units in the neighborhood are being rented for $975-$1,015 per unit, depending on the floor the unit is located on. Denver apartment brokers surveyed believe apartment buildings in the southwest Denver market could command a price range of $145,000 to $165,000 per door, as demand for this product is at a “frenzied level.”

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