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ENGLEWOOD, CO-Bob and Dottie Mann, of Durango, paid $1.18 million, or $123.71 per sf, for the 17-unit Cherokee Manor apartment building. The seller is 3523 S. Cherokee LLC.

The sale marks the second highest ever paid on a per sf basis for an apartment building sold in Englewood, according to Grubb & Ellis brokers Grant Wimbush and Bobby Hutchinson, who handled the transaction. It was only topped by the sale of the Alexan City Center, a modern apartment community built along a light rail line in 2001. It sold in 2003 for $124 per sf. That was a much bigger deal, however, both in the number of units and the price. UBS Realty purchased that 438-unit community from Trammell Crow Residential for $52 million.

By contrast, Cherokee Manor is a much older building built in 1962. Located at 3523 S. Cherokee St., it is within a mile of the Englewood Light Rail Station and near the intersection of Broadway and Hampden avenues. The property consists of nine one-bedroom, one-bath units and eight two-bedroom, one-bath units.

“It’s significant to see a 43-year-old apartment building in Englewood sell for more than $100 per sf, and Cherokee Manor far exceeded that number,” Hutchinson says. “It shows that there is active interest in well maintained assets in suburban locations with close proximity to the light rail.”

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