Several Multi-family Properties Sold in Aurora, Golden & Lakewood
Aurora, CO – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1677 Geneva Street located in Aurora, Colorado. This multifamily property has 12 units and was built in 1964. The building is located on Geneva Street, north of Colfax Avenue and west of the Fitzsimons Medical Campus. The property sold on June 17, 2015 for $1,050,000 ($87,500/unit; $112.18/square foot). Joe Hornstein and Scott Fetter represented the seller in the transaction.
“Without question, this was an exceptional price for a 12-unit apartment sale in the 80010 zip code,” according to Fetter. “But half the property has 2bd units which improved the cash flow and justified the price. It’s very difficult to find decent yield right now in any of Denver’s submarkets – Aurora included. The Buyer did well to close a deal with this kind of cash flow, and the Seller was rewarded for being on top of the rental market and selling a cash flowing apartment building in this competitive market.”
Golden, CO – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 512 Cheyenne Street in Golden, Colorado. This multifamily property has 3 units and was built in 1930. The building is located on Cheyenne Street less than five minutes from Historic Downtown Golden. The property sold on June 20, 2015 for $568,500 ($189,500/unit). Joe Hornstein and Scott Fetter represented the buyer in the transaction.
“This purchase was part of the Buyer’s 1031 exchange. He had his eyes set on Golden due to the historic stability of the market,” said Fetter. “These are exceptional times in Denver real estate, and the Buyer believes that while there is more room for the market to run, the long term stability of property in Golden couldn’t be passed up.”
Denver, CO – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 809-825 Oak Street in Lakewood, Colorado. This 12-unit property sold on June 21st with a contract price of $1,405,000; $117,083 per unit and $137.48 per square foot. The property, consisting of two side-by-side 6 plexes on a 27,000 SF lot, featured large, updated one and two bedroom units and was located just blocks from the Oak Street Light Rail Station.
Robert Lawson and Jim Knowlton, Senior Advisors at Pinnacle Real Estate Advisors, and Chris Knowlton, Associate Advisor at Pinnacle Real Estate Advisors, worked with both the buyer and the seller.
“We received 12 offers in the first few days of marketing and ultimately went under contract above list price! Both the seller and buyer were completing 1031 exchanges. The seller planned on exchanging into raw land for multifamily development, and the buyer already owns multi-family property in Lakewood and saw the value-add potential in this property as a great opportunity to add to his existing portfolio,” said Chris Knowlton.
Photos courtesy of Pinnacle Real Estate Advisors