DENVER: Has The Market Peaked?
The big dilemma for many multifamily owners around the country—continue holding or sell? Unique Properties VP of sales Adam Riddle tells us he's seeing more long-term Denver apartment owners selling now. Timing the top of the market's as tricky as timing the bottom of the market. Prices are high, but they might be higher. Or not. "When I talk to owners, some of them are enjoying the best cash flow of their entire career but have no place to put the money,” says Adam (a fishin' man when he's not brokering). So they're hanging on.
Others are seeing prices that they never thought they'd see, and are taking advantage of the current environment and selling. Unique Properties recently brokered the sale of the 49-unit Athenia Apartments at 1412 Steele St in Capitol Hill, which was bought by a private local investor. According to Adam, the buyers are planning a major renovation to take advantage of the fact that there isn't much inventory in the Capitol Hill submarket.