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DENVER-South Josephine Apartments LLC has paid $2.25 million for the South Josephine Apartments next to each other near the University of Denver in southeast Denver. One building was constructed in 1928 and has 18 units and the other was built in 1954 with 21 units.

”This transaction is unique because it consists of one older building with wood paneled hallways, old-fashion fixtures, many oak cabinets, and loads of character and charm,” says Grant Wimbush, the Grubb & Ellis broker who handled the deal. ”The newer building has more and large units, wide hallways, great layout and huge windows. The purchaser has the luxury to provide prospective tenants Old World charm, or newer, more spacious quarters.”

The sale price equates to $57,050 per unit, or $76 per sf.

The seller, Breaker Property Management LLC, bought the properties in the ”days of agony” in the early ’90s, when Denver’s apartment vacancy rate was hovering around 25%, Wimbush says.

”The seller commenced a 10-year remodeling and rehabilitation program that was finally completed in 2001,” Wimbush says. ”All major components have received attention–including roofs, boilers, electrical, plumbing and hardwood floors.”

The buyer believes he paid a fair market price, yet all of the work is finished, Wimbush notes. The buyer plans to own the building as a long-term investment.

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