Apartment Community Fetches More Than $26 Mil

DENVER-A local limited partnership pays $26.6 million, or $85,256 per unit, for the 312-unit Silver Cliff Apartments along Denver’s southeast suburban corridor. Silcliff LLP, based in Littleton, CO, set a record price on a per unit basis for that area, says David Potarf, who handled the sale with fellow Marcus & Millichap brokers Dan Woodward and Stan Jones.

Marcus & Millichap marketed the property nationally for less than six weeks before a buyer emerged from several groups that bid against each other.

The buyer, a group making a 1031 Exchange, paid $104 per sf, while last year’s average for the area was $75 per sf. The 254,280-sf property was built in 1990 at 5109 S. Delaware St.

”Denver is a very viable investment arena, and despite the boom in construction, multifamily properties are still in demand,” Jones says. He notes the property has been more than 96% occupied during the past decade.