20 Townhomes on Merritt

February 12, 2017
image

$10 million in the Eisenhower neighborhood?!!!    Yes, you read that correctly.  The 20 townhome complex called 20 on Merritt  is for sale.  $10,700,000.

This complex was bought back in the spring of 2015 for $4,300,000.   The 20 individual townhomes needed updating and been rentals for a long time.  The new developer/owner remodeled each unit and began marketing them as luxury and furnished rentals (renting for $2400 unfurnished to $3800/mo furnished).

A year has passed and the developer is now looking to capitalize on the strong rental market purchasers/investors.  If the overall price can be negotiated there is the opportunity to sell each unit individually at a market rate of $500-$600K per unit.   The current market is in desperate need of inventory and these townhomes sold individually could gather a lot of interest from buyers looking to make this area their home.
Erik Boye
303-931-4051
erik@8z.com

 

 

 

This property is Listed by RE/MAX Alliance on Walnut