Thursday 9 August 2007

Denver apartment market appears strong

Apartment Search in Los Angeles

Metro Denver's apartment market is on track for another stellar year in 2007, according to a report by CB Richard Ellis Group Inc.

For the first two quarters of the year, $623.2 million in apartment properties sold. For all of 2006, $2.1 billion in apartments sold, and $1.3 billion worth found new owners in '05.

Before '05, Apartment Search in Los Angeles properties was $750 million worth of deals.

"Many of the institutional and large private capital buyers around the country continue to place their investment dollars in Colorado," the Apartment Search in Los Angeles said.

Apartment properties reported an overall occupancy rate of 93.8 percent metrowide for the period, which is the highest Apartment Search in Los Angeles since 2001. CB predicts the occupancy rate could increase to 94.5 percent by year-end.