Press Release – 9700 E Iliff Avenue, Denver, CO 80231
SVN | Denver Commercial, one of Colorado’s top producing real estate investment brokerage firms, is pleased to announce the sale of 9700 E Iliff Avenue in Denver. The 26,391 sq. ft. multi-family portfolio consisting of 30 individual condominiums located in the Woodstream Condominiums complex was sold for $ 4,923,136.
Bill Reilly with SVN | Denver Commercial represented the Seller, WFCA Rentals LLC. Art Gonzales with Re/MAX Altitude represented the Buyer.
The well-located multi-family property sold at a 7% cap rate. Seller had owned and assembled this portfolio over 15 years before deciding to sell and consolidate his holdings. The portfolio consisted of 17 one-bedroom units and 13 two-bedroom units.
The Buyer purchased as an investment property and will be updating and reselling some of the units as well keeping some for a longer-term investment.
This type of investment property had its challenges as the 30 units were part of a 471 condominium complex with an HOA that came as part of the acquisition. Financing this transaction also came with its challenges with the fractured ownership. The 30 units were dispersed over 25 different buildings and a master meter with utilities. Great location, strong rents, and very low vacancy made this a great purchase for the Buyers.
About SVN
SVN | Denver Commercial, one of Colorado’s top producing commercial real estate brokerage firms, with offices in Denver and Fort Collins. The firm assists real estate owners, investors, and occupiers throughout the state of Colorado and beyond by offering strategic advice and execution for property leasing and sales; property management; corporate services; investment management; research and investment strategy; and consulting. Most recently, the firm was recognized as SVN Firm of the Year in 2018 out of 200 offices globally and consistently ranks in the top 10 for production. For more information, visit www.svncolo.com.
The SVN organization is a globally recognized commercial real estate entity united by a shared vision of creating value for clients, colleagues, and communities. Currently, SVN comprises over 1,600 advisors and staff working in more than 200 offices across the globe. For more information, visit www.svn.com.
Contact:
Bill Reilly | 970.488.3193 | Bill.Reilly@svn.com
