Pinnacle Announces Sale of 8 Unit Apartment Building Adjacent to Fitzsimons Medical Campus
Denver, CO – March 9, 2017 – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 12014 East 14th Avenue in Aurora, Colorado. This 8-unit multifamily property is located at the intersection of East Colfax Avenue and Peoria Street, just a few blocks from UCHealth and the Anschutz Medical Campus. The building was built in 1959 and is made up of all one bedroom units. The property sold on March 1, 2017 for $810,000 or $101,250 per unit. Scott Fetter, along with the Hornstein│Fetter Apartment Group, represented both sides in this transaction.
“This is now the second building in this area and of this vintage that has traded above $100,000 per unit,” said Fetter. “I remember when that threshold was surpassed in Central Denver not too long ago, and it’s amazing to see it happen in Aurora now. On the other hand, I still see value in the Aurora market, as does the Buyer. The money going into the area around Anschutz is exceptional, and I think the multifamily market in that area has plenty more room to run.”
Image courtesy of Pinnacle Real Estate Advisors