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DENVER-The CB Richard Ellis team of Steve Rahe and Craig Stack recently landed listings for three metro-area apartment communities, offered for an aggregate of $24.05 million. Despite the worst apartment market in about 15 years, they expect a lot of interest from investors, thanks to the low interest rate environment and a paucity of apartments on the market.

The largest property is the 209-unit Sierra Vista Apartments that is on the market for $11.4 million, or $54,545 per units. Sierra Vista, the brokers say, has an “A-plus location.” It has a cap rate of 9.2% and a cash-on-cash return of 17.54%.

The next-largest property is the 143-unit Windsor Apartments, with an asking price of $7.2 million, which equates to $50,350 per unit. It has a cap rate of 9.04% and a cash-on-cash return of 16.74%.

The smallest property is the 110-unit Kipling Village Apartments, with an asking price of $5.45 million, or a per unit price of $49,545. Its cap rate is 8.4%, with a cash-on-cash return of 12.59%. Kipling Village is enjoying “above market performance” thanks to its excellent location and condition, the brokers say.

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