DENVER—Brokers from Transwestern's Denver office recently completed two transactions for five apartment complexes totaling $22.7 million.
The apartment buildings, located in Golden, Arvada and Wheat Ridge, consist of 271 units, according to the Denver Business Journal.
“New buyers are flocking to Denver due to historically low purchase money debt, stable annual rent growth exceeding 4 percent, plus the manageable pipeline for new construction,” Transwestern's Tom Wanberg said in a news release. He and Steven Rahe represented the sellers. “We're also seeing investors from California shifting equity to Colorado due to our more predictable tax base. With our solid job growth, we expect rental absorption in the apartment market to keep pace with the anticipated new inventory of units.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
