Beatty Standley Team in CREJ - April 7, 2021
April, 2021
A Colorado buyer purchased the Mark Apartments, the 17-unit multifamily investment property at 2001 Fulton St. in Aurora, from seller Private Properties LLC for $2.2 million. Boomer Beatty and Peter Standley of Marcus & Millichap were the transaction brokers in the sale. Built in 1961, the property offers three studios, seven one-bedroom units and seven two-bedroom units, each featuring a large private storage closet for tenant use. The property was 100% occupied at the time of sale. According to Standley, the seller updated the vintage asset’s windows, boiler and roof. It also completed renovations 75% of the units.
The Marcus & Millichap team began marketing the property in November and it received strong buyer interest, according to Standley. “The property offered the buyer a significant opportunity for upside just blocks from Aurora’s popular Stanley Marketplace,” said the Marcus & Millichap Team. “This upside potential was supported by the ability to increase rents by over 20% in year one as well as income producing laundry and parking.”
The buyer adds the asset to a portfolio of similar properties across the Denver metro area. It plans to continue with unit renovations at the property as leases expire.