Investment Overview

Park Athmar is a 84-unit multifamily community located at 1065-1095 S Quivas Street in the Athmar Park neighborhood of southwest Denver. Built in 1971, the property offers 42,240 rentable square feet across a 1.63-acre site and features an efficient mix of 64 one-bedroom units and 20 two-bedroom units. Floorplans average 503 square feet, with larger units exceeding 700 square feet making the asset well-suited to a diverse tenant base ranging from students and young professionals to families and long-term renters. Park Athmar’s location offers superior access to employment, education, and retail centers. Positioned approximately four miles southwest of Downtown Denver and less than five miles from the University of Denver, the property benefits from proximity to I-25, US-285, and RTD transit lines, including frequent bus routes and nearby light rail stations. Residents enjoy walkable access to neighborhood retail, dining options, Huston Lake Park, and multiple schools, all contributing to high livability and longterm renter retention. The surrounding submarket is characterized by high barriers to homeownership and strong demographics. The average household income within a one-mile radius exceeds $86,000, while the median home sale price in the area is over $440,000 resulting in ownership costs that are more than twice as high as the average rents at Park Athmar. This affordability gap supports enduring rent-by-necessity demand and mitigates long-term downside risk. Operationally, the property generates over $1.02 million in effective gross income, with a year-one net operating income of $571,000 based on market rents. Current in-place rents average $1,190 per unit, while market rents support an average of $1,210, creating an approximate 1.6% loss-to-lease and more than $150,000 in achievable upside through lease renewals and implementation of utility bill-back and other income generation. Competing assets in the immediate submarket capture utility bill-back and other income, validating the upside of Park Athmar via the implementation of moderate utility bill-back equal to 75% of utility expense. With its strategic infill location, durable 1970s construction, stable in-place income, and a clear path to increased revenue through operational efficiency and other income generation, Park Athmar presents a compelling opportunity to acquire a well-located, cash-flowing multifamily asset with long-term growth potential in one of Denver’s most supply-constrained and demand-driven rental markets.