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Iron Works Village 595 W Amherst Ave 36 Unit Apartment Building $16,000,000 ($444,444/Unit) 4.96% Cap Rate Englewood, CO 80110
Investment Highlights
- Oversized 2BR and 3BR Homes averaging approximately 1,404 SF, materially larger than typical suburban multifamily product.
- Condo-Quality Construction: Originally designed as a for-sale community with high-end finishes, attached garages, and oversized residential layouts.
- Originally designed as a for-sale community with high-end finishes, attached garages, and oversized residential layouts.
- Affluent resident profile driven by high barriers to homeownership and demand for flexible, home-like living environments.
- Accretive Assumable Debt: Existing $9.23M fixed-rate loan assumable at 3.81% through April 2031.
- Currently operating at full occupancy with continued positive leasing momentum on renewals and trade-outs.
Executive Summary
Marcus & Millichap is pleased to present Iron Works Village Apartments, a highly differentiated, family-style, 36-unit luxury multifamily community located in a pedestrian-friendly pocket of Englewood. Originally designed as a for-sale residential community and completed in 2020, the Property offers condominium-quality construction, oversized floorplans averaging approximately 1,404 square feet, and a renter-by-choice resident profile rarely found in traditional suburban multifamily product.
Iron Works Village benefits from immediate access to major employment and lifestyle destinations including Swedish Medical Center, Porter Adventist Hospital, Downtown Denver, and the Denver Tech Center via nearby US-285 and Santa Fe Drive. The Property is also positioned to benefit from the continued redevelopment of CityCenter Englewood, which is transforming the surrounding area into one of South Denver’s most walkable and rapidly evolving urban neighborhoods.
The Property is currently operating at full occupancy with continued rent growth on renewals and unit turnovers, reflecting strong demand for its spacious floorplans, attached garages, and highly accessible location. The offering also includes attractive assumable financing with an approximate $9.23 million loan balance fixed at 3.81% through April 2031, providing investors with a significant spread-to-market financing advantage and enhanced going-in cash flow.
Additionally, Iron Works Village presents compelling long-term condominium conversion optionality due to its original for-sale design intent and the evolving construction defect legislative environment in Colorado. The opportunity is further enhanced by pricing materially below estimated replacement cost, allowing investors to acquire a recently constructed luxury asset at a significant discount to today’s development economics while avoiding entitlement, construction, and lease-up risk.
Iron Works Village benefits from immediate access to major employment and lifestyle destinations including Swedish Medical Center, Porter Adventist Hospital, Downtown Denver, and the Denver Tech Center via nearby US-285 and Santa Fe Drive. The Property is also positioned to benefit from the continued redevelopment of CityCenter Englewood, which is transforming the surrounding area into one of South Denver’s most walkable and rapidly evolving urban neighborhoods.
The Property is currently operating at full occupancy with continued rent growth on renewals and unit turnovers, reflecting strong demand for its spacious floorplans, attached garages, and highly accessible location. The offering also includes attractive assumable financing with an approximate $9.23 million loan balance fixed at 3.81% through April 2031, providing investors with a significant spread-to-market financing advantage and enhanced going-in cash flow.
Additionally, Iron Works Village presents compelling long-term condominium conversion optionality due to its original for-sale design intent and the evolving construction defect legislative environment in Colorado. The opportunity is further enhanced by pricing materially below estimated replacement cost, allowing investors to acquire a recently constructed luxury asset at a significant discount to today’s development economics while avoiding entitlement, construction, and lease-up risk.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $16,000,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $444,444 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.01 AC |
| Cap Rate | 4.96% | Building Size | 50,526 SF |
| No. Units | 36 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2019 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | PUD - Planned Unit Dev | ||
| Price | $16,000,000 |
| Price Per Unit | $444,444 |
| Sale Type | Investment |
| Cap Rate | 4.96% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 1.01 AC |
| Building Size | 50,526 SF |
| No. Stories | 4 |
| Year Built | 2019 |
| Opportunity Zone |
Yes |
| Zoning | PUD - Planned Unit Dev |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer
- Ceiling Fans
- Kitchen
- Granite Countertops
- Refrigerator
- Stainless Steel Appliances
- Range
- Views
- Walk-In Closets
- Island Kitchen
- Patio
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 21 | $2,600 | 1,319 - 1,488 |
| 3+2 | 15 | $2,675 | 1,488 |
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Fairly walkable
50/100
Moderately drivable
70/100
Limited public transit
30/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 1971-34-2-35-023 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $974,440 |
Property Taxes
Parcel Number
1971-34-2-35-023
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$974,440
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