66-Unit Multi-Family Complex Fetches $2.1 Million

BRIGHTON, CO-Long viewed as a low-rent area, this CO community is doing a turnaround, catching the eyes of an investment group. The town, situated 20 miles northeast of Denver, sees a 66-unit apartment complex fetching $2.1 million that the broker says is in the region's development path.

By John Rebchook | Updated on September 06, 2000

Xavier Holdings LLP is paying $2.1 million for a 66-unit apartment complex in a community, 20 miles northeast of Denver, that historically has been viewed as a low-rent area.Brighton, CO, has been attracting more real estate investors due in part to the opening five years ago of the $6 billion Denver International Airport. “What’s interesting is that investors are starting to move outside of the metro area to places like Brighton, because the metro area is getting too expensive,” Jeff Hawks, the Grubb & Ellis broker who helped with the deal, told GlobeSt.com. “This is an older, class C property in the middle of town. They’re buying at a lot less per unit, but they’re in the path of development.

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