The two formed General Management Real Estate Services of Denver, which paid $10.9 million for the 100-unit project at 1301 Speer Blvd., next to the Parkway Plaza King Soopers grocery store. Earlier, Biehl purchased nearby townhome rental units in the Parkway development and quickly sold all of those units.
Before switching to development, Leino was a long-time commercial real estate broker with Fuller and Co. and later Moore Commercial Real Estate.
Of the buyers at Parkway, 19 of them are former tenants.
Jeff Hawks, who sold the property with fellow Grubb & Ellis broker Doug Andrews, says the property is the most affordable major condo community in town.
Prices begun at $140,000 and top out at $225,000. Across Speer Boulevard in the trendy Golden Triangle neighborhood, developer Craig Nassi is developing a high-rise condo project called the Prado where the top units sell for more than $1 million.
Depending on how much a buyer puts down, in most cases, the after-tax cost of owning will be less than renting at Parkway, Leino says. So far, buyers include a doctor, accountant, engineer, contractor, Denver police officers and a schoolteacher.
Hawks says the unit rents average from about $900 to $1,100 and they have risen, on average, by $100 a month each year.
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