CENTENNIAL, CO-Madison Realty of Englewood recently purchased the 143-unit Sterling Point apartment community from Equity Residential of Chicago for $11.78 million. That equates to a price per unit of $82,378 and a price per sf of $90.53.
Built in 1980, Sterling Point is at 6760 S. Glencoe St. It is near Arapahoe Road, just west of Interstate 25. The community is close to the Denver Tech Center, as well as the Inverness Business Park, Greenwood Plaza, and the Meridian International Business Park.
"This property has a prime location, situated on the corner of Arapahoe Road, the main artery in the Tech Center," says Terrance Hunt, who represented Equity Residential with fellow Apartment Realty Advisors' brokers Jeff Hawks and Doug Andrews. Hunt also points out that there is limited competition in the area. "This will be a viable asset for years to come," Hunt says.
With this deal, Apartment Realty Advisors has sold more than $400 million in apartments during the past 15 months. And when TIAA-CREF closes on the purchase of Palomino Park in Highlands Ranch, they will move closer to $600 million in sales during that time period.
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