38-Unit Denver Apartment Property Sells for $10.1M
Pinnacle Real Estate Advisors, LLC announced the sale of Cherry Street Apartments located at 831 and 861 North Cherry Street in the Hale neighborhood of Denver. The 38-unit property, built in 1948, recently sold for $10,150,000; $267,105 per unit and $379.30 per square foot. Robert Lawson, principal, represented the unnamed buyer in the transaction.
The turn-key property, located just three miles from the heart of Denver and steps away from the 9th and Colorado Redevelopment, was completely overhauled in 2014 with renovations including new roofs, kitchens, bathrooms, electrical and plumbing, as well as updated common areas and courtyards. The property is also surrounded by some of the best hospitals in the metropolitan area.
“This was an all-cash transaction which sold above the sellers ask price and was not publicly marketed. There were a few select brokers who had the chance to bring offers to the seller and the seller received multiple offers. However, we were the first offer, had the best terms and our proven track record and long-term relationship with the seller ultimately inked a deal quickly. This was a 1031 exchange for the buyer and we were able to get this property under contract before the downleg asset sold,” said Lawson.
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.