Pinnacle Announces Sale of Two Denver Apartment Buildings
3600 South Lowell Boulevard
Pinnacle Real Estate Advisors, LLC a full-service commercial real estate brokerage firm servicing clients globally, is pleased to announce the sale of the 3600 South Lowell Boulevard. This 30-unit multifamily property was built in 1974 and has had several updates in the last three years. The property allows for easy access to Hampden Avenue and the Englewood Light Rail Station. The property is made up of spacious 1bd/1ba and 2bd/1ba units. The transaction closed for 101 percent of the list price on April 24, 2017 for $3,600,000 or $120,000 per unit.
“The buyer was able to purchase a stabilized property with very little deferred maintenance and good cash flow day one,” Hornstein said.
Josh Newell with the Newell Team represented the sellers in this transaction and Joe Hornstein with the Hornstein│Fetter Apartment Group represented the buyer in this transaction.
1970-1990 West Pacific Place
Just last week, Pinnacle also sold 1970-1990 West Pacific Place, Denver, CO 80222. This 12-unit multifamily property was built in 1985 and is located just west of Platt Park. The three buildings are made up of all one bedroom units. The property sold on April 17, 2017 for $1,185,000, or $98,750 per unit. Eric Veith from the Hornstein│Fetter Apartment Group, represented both sides in this transaction.
“This was a long-term owner that had decided it was time to move on,” according to Veith. “The buyer was in an exchange and has experience with value-added property, which made this a perfect fit for him. He will do really well in this location.”
Images courtesy of Pinnacle Real Estate Advisors, LLC