Colfax Kipling Center
9797 W Colfax Ave, Lakewood, CO 80215
Description
Stabilized existing renewals and increased occupancy from 75% to 93% in twelve months. Previous out of state owner struggled with vacancy issues for 23 years. Local hands-on leasing and management made a significant difference. Refinanced property with $2,600,000, 6.5%, 10-year fixed, 25-year amortization, non-recourse loan.
Details
| Cost PSF $60.98 | Sale Price $3,150,000 | Total Cost $2,700,000 |
| Acquisition Date April, 2007 | Add. Capital Costs $250,000 | Sale Date May, 2014 |
| Total Project Size 44,277 | Sale Price / SF $71.14 | Avg Annual Return 15% |
| Acquisition Price $2,450,000 |