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IDAHO SPRINGS, CO-Matt Ritter and Jeff Johnson, apartment brokers for Denver-based Unique Properties, recently sold the Miner's Manor Apartments in this small mountain town off Interstate 70, 30 minutes west of Denver. The sale price was $965,000 for the 24-unit complex, which includes 15 one-bedroom/one-bath units and nine two-bedroom/one-bath units. The buyer is Denver-based Aspen Leaf Apartments II, LLC. The sellers were Brian J. Zehnder, Teresa L. Zehnder, Stephen A. Zehnder and Luann Zehnder.

For most people in Denver, Idaho Springs is a place to stop off for a dinner to let the traffic die down along I-70 after a day of skiing in the mountains to the west, and not a mecca of investment real estate. Indeed, the town only has a population of 1,893.

"There is one other apartment building in Idaho Springs besides this one, so there is not much competition," Ritter tells GlobeSt.com. He says monthly rents for the one-bedroom units is $570 and the two bedrooms is $670. "So for $40,000 per unit, this is a great deal," Ritter says. "The market is good up there; it's nice to have some value/justification of income for an apartment building. You don't see a lot of this in Denver." The cap rate on the sale was about 10%, he says.