Pinnacle Sells Two Lakewood Multifamily Units Over $1M
Lakewood, CO – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 9493 W 14th Avenue in Lakewood, Colorado. This 8-unit property sold on July 14th with a contract price of $1,125,000; $140,625 per unit and $120.32 per square foot. The property, located just 2 blocks from the Garrison Light Rail Station, featured large two and three bedroom units, with a large courtyard, plenty of off-street parking, and a newer roof. Robert Lawson, Senior Advisors at Pinnacle Real Estate Advisors, represented the buyer.
“The high demand for apartment buildings priced below $2,000,000 in the Denver-Metro market makes it very challenging for investors to successfully compete for properties. When we first looked at this opportunity it went under contract before we had time to evaluate the true potential. However, the property fell out of contract and came back on the market so the first day we toured the property we wrote an offer and secured the deal quickly. This property was the buyer’s first acquisition in the Denver market, and he was able to find a quality asset in a great location within walking distance to light rail and with immediate upside in rents. He plans on renovating a few of the units and holding onto the property long term,” said Lawson.
Lakewood, CO – Josh Newell, Senior Advisor and Connor Knutson, Associate Advisor at Pinnacle Real Estate Advisors, LLC, announce the sale of Cedar Creek located at 8721- 8761 West Hampden Avenue in Lakewood, Colorado. The 12-unit property sold on July 22nd with a contract price of $2,350,000; $193,833 per unit and $135.29 per square foot.
The property was constructed in 2007/2008. Newell and Knutson represented both the local seller and buyer in the transaction.
Photos courtesy of Pinnacle Real Estate Advisors