Marcus & Millichap marketed the property nationally for less than six weeks before a buyer emerged from several groups that bid against each other.
The buyer, a group making a 1031 Exchange, paid $104 per sf, while last year's average for the area was $75 per sf. The 254,280-sf property was built in 1990 at 5109 S. Delaware St.
''Denver is a very viable investment arena, and despite the boom in construction, multifamily properties are still in demand,'' Jones says. He notes the property has been more than 96% occupied during the past decade.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
