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TIC Pays 12% More Than Property Value for Pecos Gardens

DENVER-A recent apartment sale in Northwest Denver shows there is money to be made in small multifamily properties. A California-based TIC pays $3.35 million for the 54-unit Pecos Gardens, which is 12% more than the assessed value of the property.

By John Rebchook | Updated on December 14, 2005

(To read more on the TIC market, click here.)

DENVER-Tenant-in-common, or TIC, investment pools, are becoming increasingly popular in Denver and across the country as a way of buying investment real estate. TICs are buying everything from class A properties to more mom and pop deals, where small investors are looking to defer paying taxes through 1031 exchanges by investing in TICs, where each investor owns an undivided, or common, interest in the property.

In one of the most recent latter cases, an unidentified California-based TIC paid $3.35 million, for the 54-units Pecos Gardens at 7479, 7509 and 7549 Pecos St. That equates to $62,037 per unit. It also is about 12% more than the assessed value of the property, according to records obtained by GlobeSt.com. The sale price equates to $137.50 per sf.

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