The property is listed at $31.62 million with a 7% capitalization rate.

David Potarf and Daniel Woodward, investment specialists in the firm's Denver office, have been named the listing agents. Potarf and Woodward are members of Marcus & Millichap's National Multi Housing Group, a division of the company focused exclusively on the brokering of multi-family investment properties.

The asking price represents $85,000 per unit and $92 per sf. "This offering presents the investor with ample room for upside," Potarf says. "The price is appealing for the Denver market, with the units priced below replacement cost. The buyer can assume immediate value as well as long-term appreciation and the potential exists for condominium conversion."

The Ironstone at Stroh Ranch is a 372-unit, garden-style community located at 12825 Stroh Ranch Way. The property is recently constructed, and located within a high-growth suburban area. The community consists of 30 three-story buildings with 344,840 rentable sf on approximately 28 acres. It has a low density of only 13.28 units per acre.

The unit mix includes 217 one-bedroom and 155 two-bedroom units, ranging in size from 714 sf to 1,088 sf. Rental rates range from $827 to $1,207 per month and occupancy runs at approximately 80%.