Calibrate Real Estate, a Denver-based real estate brokerage firm, announces the sale of Bryant Gardens: a 3-building apartment community that Calibrate began marketing this spring. The property is located at 3255, 3265, and 3285 South Bryant Street, Englewood, Colorado and consists of 31-units on a 99,814 square foot lot. Bryant Gardens sold for $5,825,000 ($187,903 per unit and $214.04 per square foot).
The Seller, a California-based family trust, owned the building for nearly 15 years. This sale represented a $4,100,000 profit during their ownership. Kyle Malnati originally represented the Seller when they purchased this property in 2008 for $1,725,000. During their ownership, the property’s value appreciated over $23,100 per month!
“The decision to sell Bryant Gardens was made after one of the trustees passed away this year. The surviving spouse was ready to retire after years of hard work which included extensive, and expensive, capital improvement projects. Our brokerage team ran a competitive bidding process that produced twelve offers from eight groups over a six-week period.” said Kyle Malnati, founder/CEO of Calibrate Real Estate.
“The Call For Offers Deadline required a somewhat unconventional step that is usually reserved for the Due Diligence phase of a Contract to Buy/Sell, but it produced great results. The Seller required all offers to tour every unit in the property, before selecting a winning bidder, to ensure that all offers were fully informed. The bidding process got so competitive that two Buyers, that already had familiarity with each other, decided to join forces in a special partnership to overcome the threat of a strong 1031 Exchange Buyer,” said Sam Bretz, commercial broker with Calibrate Real Estate.
Calibrate Real Estate brokers facilitated both sides of the transaction; Kyle Malnati worked primarily with the Seller and Sam Bretz worked with the Buyer. Brianna Corwin of Stewart Title provided the title commitment, escrow, and settlement services. Joe Short of First Western Trust provided new financing for the Buyer.
3255-3285 S. Bryant St. – Marketing Brochure
List Price: $6,000,000
Sold Price: $5,825,000
Neighborhood: Southwest Denver
Address: 3255, 3265, 3285 S. Bryant St.
Building Size: *27,215 SF
Lot Size: *99,814 SF
*Reader to verify square footage
- 31 Unit Apartment Community
- Great Unit Mix: (4) 1Br/1Ba, (22) 2Br/1Ba, (5) 3Br/2Ba
- Large Private Parking Lot with 70+ Spaces
- Smaller Building Has In-Unit Washer/Dryer
- Other Buildings Have Shared Coin-Operated Laundry for Extra Income
- All Units Have Gas Heating, Central Air Conditioners, and Separate Water Heaters