Rustic Arms and Rustic Aire Apartments

The Knowlton Lawson team is pleased to present the opportunity to purchase the Rustic Aire and Rustic Arms Apartments, two adjacent and individually deeded properties located at 3440 S Corona and 3445 S Downing, Englewood CO. These properties offer a combined total of 71 units, with 23 units at Rustic Aire and 48 units at Rustic Arms. Located just one block from Swedish Medical Center and Craig Hospital, the properties are also just one mile from Porter Hospital. They are within walking distance to a variety of restaurants and retail on E Hampden Ave, three-quarters of a mile from South Broadway restaurants and retail, two miles from the University of Denver, and one mile from Safeway and King Soopers Fresh.The Knowlton Lawson team is pleased to present the opportunity to purchase the Rustic Aire and Rustic Arms Apartments, two adjacent and individually deeded properties located at 3440 S Corona and 3445 S Downing, Englewood, CO. These properties offer a combined total of 71 units, with 23 units at Rustic Aire and 48 units at Rustic Arms. This investment offers significant rental upside to a new Buyer both in as-is condition and post-renovation. There is individual assumable debt available on both properties. The interest rate for each loan is fixed at 3.27% for another 7 years at an LTV of 55% of the list price. Roughly twenty percent of the units have already been updated. In addition to the unit updates, recent capital improvements include a new boiler installed at Rustic Arms in 2023/2024, new asphalt overlay, and striping on parking lots, all stairwell treads replaced across both properties, and 70% of the AC units have been replaced over the last 3 years. The properties feature beautifully landscaped courtyards, onsite laundry facilities, an onsite leasing office, and BBQ area for tenants. The seller is willing to sell the properties individually but would prefer to execute a transaction with one Buyer for both properties. The coveted location combined with recent upgrades, assumable debt, and significant/immediate rental upside provides a Buyer a great opportunity to add significant value.