51-Unit Multifamily Sells $5.6M in Denver
Denver, CO – Pinnacle Real Estate Advisors, LLC sold The Powderhorn Apartment Homes in Denver. This 51-unit multifamily property includes 6 buildings total that were built in 1972. The buildings are located at 2201 – 2395 West Virginia Avenue in one of Denver’s last affordable neighborhoods. The property sold on December 28, 2016 for $5,600,000 or $109,804 per unit. Joe Hornstein, along with the Hornstein│Fetter Apartment Group, represented both the seller and buyer in this transaction.
“The Sellers sold this property after purchasing from the original developer 42 years ago,” Hornstein said. “Because the property was in very good condition, they were able to sell at a very low capitalization rate based on historical operations. The buyer intends to continue updating apartments and increasing rental rates.”
Image courtesy of Pinnacle Real Estate Advisors