''It's a pretty big price,'' David Potarf, tells GlobeSt.com. Potarf handled the sale with fellow Marcus & Millichap broker Dan Woodward.
''It was built in 1990, but it has many '80s construction features, so it's not getting the price per unit that you would for a '90s,'' deal,'' Potarf says. ''But it's a pretty good price for its age and location.''
Potarf says it was 97% leased at the time of sale.
''The rents they're asking are from 96 cents to $1.07 cents per sf,'' he says. ''The new owner (a local physician) sees some upside."
As with many real estate sales, the doctor acquired it as part of a 1031 exchange, Potarf says. The doctor, who owns a number of apartment communities in the Denver metro area, likes the location, Potarf says.
''The south metro market is one of the strongest submarkets in the country for employment, job growth and commercial development,'' Potarf says. ''The proximity to the Denver Tech Center and other employment bases was a major attraction.''
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