Pinnacle Real Estate Advisors, LLC announced the sale of two apartment communities in July.
Chris Knowlton, vice president, Mark Knowlton, advisor, and Jim Knowlton, owner/principal, with the Knowlton Lawson Team at Pinnacle, announced the sale of the Virginia Marie Apartments at 600 S Logan Street in Denver. The 12-unit property sold on July 7 for a contract price of $2,285,000; $190,417 per unit.
The vintage, legacy asset located in the heart of West Wash Park boasts easy access to local retail, bars, and restaurants on South Broadway and Old South Gaylord Street. The property features nine large 1Br/1Ba units and three spacious studio units with a private courtyard, as well as five income-producing garages.
“This was the third successful transaction with the seller in the past year as she transitions out of multifamily acquisitions and dispositions, and moves into retirement,” said Mark Knowlton.
7,740 SF Multifamily Property in Aurora
Pinnacle also announced the sale of a 7,740-square-foot multifamily property located at 1695 Clinton Street in Aurora for $1.5 million. Thomas Graeve, vice president, represented both the seller, ONSUApartment1, LLC and the buyer, Uptown Investing Group, LLC, in the transaction.
The 12-unit building “has struggled operationally since the onset of the COVID-19 pandemic,” said Graeve, “so the seller is carrying the mortgage to provide an opportunity for the buyer to perform a turnaround.”
Pinnacle Real Estate Advisors is a full-service commercial real estate brokerage firm servicing clients globally who own commercial properties in the Metro Denver area and throughout Colorado. Their expertise encompasses all commercial real estate property types. The experienced advisors specialize in apartment building sales and acquisition; retail property sales, leasing and acquisition; office property sales, leasing, tenant representation, and acquisition; and industrial property sales, leasing, and acquisition.