42-Unit Multifamily Sold $4.5M South Broadway
Denver, CO – Pinnacle Real Estate Advisors, LLC recently sold 1330 W Mississippi Avenue in Denver, Colorado. This 42-unit property sold on July 26th with a contract price of $4,534,000; $107,952 per unit and $177.16 per square foot. The property, built in 1971, is located less than a mile from Washington Park and the Broadway Station Redevelopment Site. It featured new paint and landscaping, a new courtyard, and new appliances, counter tops, light fixtures and floors in 39 of the 42 units.
“The seller really did a great job of re-positioning the property over the past few years. He completely re-tenanted the property and renovated all but two of the units which allowed him to achieve over an 85% increase in the rent roll,” said Knowlton.
“This was the upleg in a 1031 exchange for the Buyer. The transaction allowed the Buyer to sell a property that was an outlier in his portfolio and purchase Mariposa Apartments, which fit nicely into the portfolio of units that he currently has in the area.” Jim Knowlton, Senior Advisor at Pinnacle Real Estate Advisors, worked with both the buyer and seller in the transaction.
Photo courtesy of Pinnacle Real Estate Advisors