LAKEWOOD, CO – Marcus & Millichap Real EstateServices, the nation’s largest real estate investment services firm, has announced the sale of Reed Street Apartments, a 34-unit apartment property located in Lakewood, CO, according to Kent R. Williams, regional manager of the firm’s Denver office. The asset sold for $2,686,000. Luke Johnson and Greg Price, investment specialists in Marcus & Millichap’s Denver office, brokered the transaction for buyer and seller.
Reed Street Apartments is located at 1175 S. Reed Street in Lakewood, CO, just south of the Bel Mar Shopping District. Theconsists of 26 one-bedroom/ one-bath units and eight two-bedroom/ one-bath units.
“The buyer added to his Lakewood portfolio with the purchase, and will upgrade the exterior, landscaping, and perform some minor unit renovations. The Reed Street Apartments is an example of a property, that with proper upgrades, will attract a tenant who is willing to pay higher rent for renovated product in south Lakewood, and cannot quite afford A class product at nearby Bel Mar, for example,” Price said.