(Read more on the multifamily market.)
DENVER-A 30-year-old apartment community along the Interstate 225 corridor in South Denver here will be auctioned off next month. The 434-unit Stone Creek Village community is 80% leased, up from 50% earlier this year.
Built in 1974 at 9825 E. Girard Ave., the complex sits near a new light rail stop. The complex was recently listed for sale at $30 million but did not sell, a source with auctioneer Sheldon Good & Co. tells GlobeSt.com. The minimum bid at auction will be $23.75 million.
Pro Forma NOI for 2007 is $1.97 million. The figure assumes 95% occupancy with concessions. Current market vacancy is in the mid single digits. Current market rent is approximately $0.90 per sf, while the average rent at Stone Creek Village is closer to $0.83, according to Sheldon Good.
The complex sits on 18 acres and includes 51 residential buildings and two clubhouses. A number of the units are townhouse style, with two-story configuration. Some units have fireplaces and vaulted ceilings. The auction will take place on Oct. 17th.
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