"The property was built by Carmel Construction, the largest apartment developer in Colorado," Woodward adds. "It has always been well maintained and will continue to be a highly desired property for renters. When the market recovers, this property will be one of the first to see rent growth."
A shortage of available land for multifamily development has pushed prices of sites to $15,000 per unit, Woodward notes, with water and sewer fees adding $20,000 per unit. Assuming a developer can navigate a difficult zoning process, Woodward adds construction costs about $70,000 per unit.
Meanwhile, the 250,541-sf asset on 14.1 acres at 2050 W. 10th Ave. can be had for $79,225 per unit, or $90 per sf. The unit mix includes 107 one-bedroom and 177 two-bedroom apartments, which range from 706 sf to 1,007 sf. Monthly rental rates range from $825 to $955.
The total assessed value of the property is $18.7 million, according to public records examined by GlobeSt.com.
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