Via Apartments, an 200-unit complex developed by local firm Pauls Corp., has been acquired for just over $60 million, according to Denver County public records.
In addition to the residential units, the seven-story Via includes 4,220 square feet of ground-floor retail at 828 Broadway in Denver's Golden Triangle area. Construction on the project was completed in 2015 and rents in the complex range from $1,437 per month to $2,975 per month with an average rent of $1,785.
Via sold for a per-unit price of roughly $300,000, much lower than the record-setting price fetched by 1000 Speer, which was sold for $535,714 per unit last year and is located about half a mile away from Via, but the price is still on the higher end on a per-unit basis, said Terrance Hunt, vice chairman at ARA, A Newmark Company, which listed Via.
The property received a number of offers, Hunt said, as it is located in a highly visible area along Eighth Avenue between Broadway and Lincoln Street, which are two major arterials for commuters to and from downtown Denver.
Read more at the Denver Business Journal: http://bizj.us/1p867o
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