Iron Works Village Apartments
36 Luxury Units | 1,404 SF Avg. Floorplans | 3.81% Assumable Debt | Englewood, CO
Marketing description
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.
Investment highlights
- Oversized 2BR and 3BR Homes averaging approximately 1,404 SF, materially larger than typical suburban multifamily product.
- Existing $9.23M fixed-rate loan assumable at 3.81% through April 2031, providing substantial spread-to-market financing advantage and enhanced going-in cash flow.
- Located near the ongoing mixed-use redevelopment of CityCenter Englewood, enhancing long-term submarket growth and walkability.
- Immediate access to South Broadway, Downtown Denver, Cherry Hills, and the Denver Tech Center via US-285 and Santa Fe Drive.
- Offered at a significant discount to estimated replacement cost for comparable infill luxury product without entitlement, construction, or lease-up risk.
- Currently operating at full occupancy with continued positive leasing momentum on renewals and trade-outs.
- Affluent resident profile driven by high barriers to homeownership and demand for flexible, home-like living environments.
- Originally designed as a for-sale community with high-end finishes, attached garages, and oversized residential layouts.
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