Residential income property sells for $1.85M

BOULDER – A 12-unit residential income property in Boulder has sold for $1.85 million.

Boulder investors Peter and Mindy Makuta sold the property at 298 Arapahoe Ave. for more than their asking price after 11 days on the market. It took 52 days to close the sale. The name of the buyer was not disclosed, and the transaction has yet to be posted in public records.

The 4,193-square-foot building was fully leased.

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“The residential income market for investors remains very strong with lots of demand for this type of property,” Todd Walsh of The Colorado Group, said in a statement. “Because of this demand, we were able to secure a very strong and capable buyer with an above-asking offer and a short due diligence.”

W. Scott Reichenberg, Miles King and Walsh, all brokers with The Colorado Group, worked on the transaction.

Residential multi-unit properties have seen an upswing since late 2013, with no end in sight. “It is an exciting time to be a seller, as the market for property priced in this range is getting a premium price and often receiving multiple offers within Boulder,” Reichenberg said in a statement.