Denver Area Apartment Rentals Sell for Nearly $300,000 a Unit
Axis at Nine Mile Station, a 336-unit apartment community located in Southeast Denver recently changed hands. The Phoenix Realty Group (PRG) was the seller, The Laramar Group the buyer. The sales prices was reported at $99,500,000.
The seven story development was built in 1980. The units average out at just over 1,000 square feet and are leased for between $1,300 and $2,800 a month for studio, one and two-bedroom units. Amenities include a fitness room, racquetball courts and arcade games. The complex has quick easy access to Highway I-225, and I-25 and is located near a Denver light rail station.
PRG targets higher barrier-to-entry and/or infill markets in most US regions. The Laramar Group pursues value add, core+ and core opportunities, and provide deal sourcing, due diligence and management services for each engagement. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young organized the sale.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.