Great news for our Denver multifamily clients is reported by Dennis Huspeni, Denver Business Journal:
"The Denver-area apartment sales market was one of the nation's hottest in 2012, with a record $2.4B worth of apartment buildings sold. Low interest rates on construction, purchase and development loans, as well as higher demand from renters helped fuel the push. That's according to ARA Colorado, one fo the highest-volume multifamily brokerages here. ARA brokers alone moved $1.1 billion worth of apartment assets in 62 sales representing 10,429 apartments."
Huspeni further writes "vacancy rates for Denver-area apartment buildings dwindled to 4.3 percent through the third quarter, according to the Colorado Division of Housing. Average rents climbed almost 6 percent in that same period. And interest rates have dropped to as low as 3 percent fixed, easing financing for apartment-building buys."
See the following link for the full article: