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Multifamily Market Signals Positive 2000 Close

DENVER-Pre-1974 apartment complexes have attracted the bulk of the buyers thus far this year in citywide sales. The overall sales activity brings an average unit price of $48,764 in a region now reporting a 1.5% vacancy rate.

By John Rebchook | Updated on December 26, 2000

DENVER-In the first nine months of the year, investors snapped up 66 apartment projects with 30 units or more, shows a report by the local office of Hendricks & Partners. Fifty-one of the sales had been complexes built in 1974 or before. They sold for an average unit price of $48,764 or $66.39 per sf.

Only 15 projects, built from 1975 to 2000, had sold through the third quarter.

In a breakdown, four of the sold projects, built since 1995, had gone for an average price of $88,962 per unit or $90.71 per sf. One project, built between 1990 and 1994, had fetched $96,324 per unit or $103.83 per sf. Two projects, built between 1985 and 1989, had brought in $62,561 per unit or $69.19 per sf while three projects, built in the 1975-79 period, had sold for $43,111 per unit or $55.01 per sf.

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