81-Unit Multifamily in Denver Sells $9.7M
Denver, CO – Pinnacle Real Estate Advisors, LLC sells The William Tell Apartments, an 81-unit affordable housing community located at 1599 Williams Street in the heart of the Uptown Neighborhood near downtown Denver. The property was constructed in 1964 and includes 8-Studios, 72-1BD/1BA and 1-2BD/1BA apartment units.
The property sold on September 15, 2016 for $9,700,000 ($119,753/unit; $146/square foot). Joe Hornstein and Scott Fetter represented the seller in the transaction, J.B. Hochman and Justin Brockman, also at Pinnacle Real Estate Advisors, represented the buyer.
“It is extremely rare for a high-rise in Central Denver to trade hands,” Hornstein said. “It was very important to the sellers that if they sold the property, it would remain affordable long-term. The buyer is one of the largest owners of affordable HAP contract properties in the country, which helped get the sellers on board.”
Image courtesy of Pinnacle Real Estate Advisors