Investors Want Vintage Apartments
The Denver apartment market's no slouch, either, with investors digging deeper to find value-adds. Recently an out-of-state private investor acquired the 53-unit Governor’s Green apartments in Governor’s Park. ARA Colorado’s Justin Hunt, who repped the seller (another out-of-stater) along with colleagues Andy Hellman and Robert Bratley, tells us that half of the investors he’s seeing are new to the market, and many of them are looking for older properties such as Governor’s Green (dating from the ‘60s) because they’re selling below replacement cost (and those buildings can also tell plenty of stories about the Summer of Love). In the current climate, putting money into a property like that can translate into healthy returns.