Pinnacle Announces Sale of Three Denver Metro Area Properties
Denver, CO – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of three Denver-metro area properties, including a 17-unit multifamily property in the Baker neighborhood, a 4-unit building in Denver, and another multifamily building in Lakewood.
410 Delaware Street
This 17-unit multifamily property was built in 1966 and was fully renovated in 2012. The property is located in the Baker Neighborhood. All units are one bedroom, one bathroom. The property sold on April 5, 2017 for $3,600,000 or $211,765 per unit.
Joe Hornstein and Scott Fetter, with the Hornstein│Fetter Apartment Group and Jim Knowlton and Robert Lawson with the Knowlton Lawson Team represented both sides on all three transactions.
“This is the last property in a three-building portfolio we have closed for Slipstream Properties,” Hornstein said. “All three properties sold near record prices due to the high quality of finishes, locations and solid operations. The sellers did a great job improving the assets and achieving top of the market rents. There was a significant amount of investor interest in all of the properties.”
The Slipstream three building apartment portfolio came on the market in fall of 2016. 2633 West 25th Avenue in Jefferson Park neighborhood sold on October 12, 2016 for $3,920,000 ($218k/unit and $346/sf). 310 West Archer Place, also in Baker neighborhood, sold on February 15, 2017 for $3,158,000 ($186k/unit and $353/sf). 410 Delaware Street sold on April 5, 2017 for $3,600,000 ($212k/unit and $367/sf). This makes the total sales price of the Slipstream Portfolio at $10,678,000 and average of $205,000 per unit and $355 per square foot.
2405-2411 Tremont Place
This 4 unit multifamily building in Denver sold on April 7th for $1,156,000 or $289,000 per unit. Jules Hochman and Justin Brockman, both Principals, represented the seller in the transaction and Scott Fetter, Senior Advisor, represented the Buyer in the transaction.
1800 Fenton Street
The 11,920 square foot multifamily building located at 1800 Fenton Street in Lakewood, CO. sold for $1,895,000 or $159 per square foot. Kevin Calame and Matt Lewallen, Principals with the Calame | Lewallen Team, represented the buyer and seller in the transaction. “The Buyer is purchasing the property for a long term development play, in the meantime he will be enjoying the cash flow,” stated Kevin Calame.
Pinnacle Real Estate Advisors
Pinnacle Real Estate Advisors is a full-service commercial real estate brokerage firm servicing clients globally who own commercial properties in the metro Denver area and throughout Colorado. Our expertise encompasses all commercial real estate property types. We have experienced advisors specializing in apartment building sales and acquisition; retail property sales, leasing and acquisition; office property sales, leasing, tenant representation, and acquisition; and industrial property sales, leasing and acquisition. The Pinnacle Experience™ is a unique approach that is focused on each client’s needs, delivering superior real estate guidance, proven market perspective and unmatched results. Pinnacle Real Estate Advisors combines market expertise with a Full Spectrum Marketing™ campaign that delivers innovative real estate solutions that are client-centric and relationship focused. In 2016, Pinnacle Real Estate Advisors closed 338 transactions for a total of $622 million.
To view a current list of our buildings for sale in Denver, visit:www.pinnaclerea.com/
Images courtesy of Pinnacle Real Estate Advisors