Pinnacle Announces Sale of 40 Unit Apartment Community in The Highlands
Jim Knowlton, owner/principal at Pinnacle Real Estate Advisors, LLC announced the sale of Eliot Flats located at 3233 Eliot Street, Denver. The 40-unit building sold on August 28 for a contract price of $8.8 million ($220,000/Unit) to an undisclosed buyer.
The smart unit, a 100% electric apartment community, built in 2015, consists of (30) studio units and (10) 1-bedroom/1-bathroom units. Eliot Flats is centrally located in the Highlands neighborhood and within walking distance to all of the coffee shops, restaurants, breweries and parks that the neighborhood has to offer. The property is equipped with a solar power system, Smart Water metering, energy-efficient windows and finishes, and is built from sustainable products and materials. Jim Knowlton represented the buyer in the transaction.
“The buyers own similar properties in the area, making this an appealing addition to their portfolio. Additionally, they were able to assume the seller’s existing loan, securing a rate that is more than 125 basis points lower than current market rates,” said Knowlton.
NorthPeak Commercial Advisors Brokers 36,000 SF Industrial Property in Commerce City for $5.5M
NorthPeak Commercial Advisors announced the sale of 8085-8095 Oneida St., Commerce City.
Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors worked with the seller while Drew Williams of NorthPeak Commercial Advisors worked with the buyer in this transaction.
“The seller has owned this property since 2016 and sought to reallocate his equity into a more passive investment,” stated Calame. “We listed the property and successfully secured an excellent sales price for him and will assist in transferring those funds into an asset that offers a lower risk return with zero active management.”
Marcus & Millichap Arranges the Sale of a 11,589-Square-Foot Office Building in Centennial
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Offices of Southglenn, an 11,589-square-foot office property located in Centennial, according to Adam A. Lewis, regional manager of the firm’s Denver office. The asset sold for $1,850,000.
Brandon Kramer and Chadd Nelson, investment specialists in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
The building was approximately 40% occupied at the time of sale. The buyer, a local veterinarian, intends to undertake a complete renovation of the property to establish a surgical veterinary center. This transaction involved multiple offers, reflecting the strong demand for the building’s size and location among various potential owner-users.
According to Chadd Nelson, “Our clients, who inherited the property from their father, faced challenges with its performance due to the substantial vacancy rate. The sellers recognized the opportunity for improved investment returns with a triple net (NNN) asset and are in the process of a 1031-tax deferred exchange.” Offices of Southglenn is located at 6590 S Vine St in Centennial.
8996 Motsenbocker in Parker Sells to Developer for $3.5M
Trevey Commercial Real Estate announced the sale of 27.06 AC at the NEC of Hess Rd. & Motsenbocker Rd., 8996 Motsenbocker Rd., Parker for $3.5 million on August 28, 2024.
The sellers, Jeffrey & Diane Roth, were represented by Mitch Trevey of Trevey Commercial Real Estate. The buyer, Perry Lane, LLC was represented by Travis Ackerman of Cushman & Wakefield.
Developer, Perry Lane, LLC plans to create a new mixed-use neighborhood with approximately 70 high-quality apartments in two- and three-story buildings, a five-acre neighborhood retail center, and a 14.5 AC neighborhood park / open space on the property. (For commercial sales and leasing in the planned neighborhood retail center, contact Trevey Commercial at 303-841-1400.)
Trevey extends a special thanks to its partners at Fidelity National Title Company for their dedication and persistence in successfully executing this significant closing in Douglas County.
10278 Centennial Road in Littleton Sells for $3.68M
Unique Properties, Inc./TCN Worldwide recently announced the sale of 10278 Centennial Road, a 6,355-square-foot freestanding retail building located in the highly desirable Ken Caryl area.
Sam Leger, chief executive officer, and Graham Trotter, senior broker associate with Unique Properties, Inc./TCN Worldwide listed the property for sale on behalf of the seller. The property sold for $3.68 million, marking a significant acquisition that underscores the strong demand for prime retail real estate in the Denver metro area. The NNN Investment Sale is fully leased to three comprised of three national credit tenants, including Starbucks, Row House, and Jersey Mike’s, ensuring a stable and reliable income stream for the new owner.
“We are thrilled to have facilitated this transaction in such a prime location,” said Sam Leger. “The combination of a modern, well-maintained building and a strong lineup of national tenants made this an exceptional investment opportunity. Properties like this, with high visibility and excellent tenant profiles, remain in high demand in the Denver metro area. We were pleased to help both the seller and the buyer achieve their goals.”
