Several Multifamily Properties Exchange Hands from Arvada to Denver
Pinnacle Real Estate Advisors announce the sale of several multifamily properties from Arvada to Denver.
- 428 S Sherman Street in Denver, Colorado. This 9-unit property sold on May 19th with a contract price of $1,135,000; $126,111 per unit and $310.62 per square foot. The vintage property, built in 1905, was located in the West Washington Park Neighborhood, and featured charming studios and 1 bedrooms with off-street parking. Jim Knowlton, Senior Advisor at Pinnacle Real Estate Advisors, worked with the buyer. Nick Schill, Senior Advisor at Pinnacle Real Estate Advisors, represented the seller.
- 2171-2181 Depew Street in Edgewater, Colorado. The 8-unit property sold on June 3rd with a contract price of $1,300,000; $162,500 per unit and $214.24 per square foot. The properties were constructed in 1961 & 1962. Newell represented both the local seller and buyer in the transaction.
- La Nila Apartments located at 2561 Jellison Street in Lakewood, Colorado. The 8-unit property sold on May 27th with a contract price of $825,000; $101,250 per unit and $122.14 per square foot. The property was constructed in 1959. Newell represented both the local seller and buyer in the transaction.
- 5351-5361 Everett Street located in Arvada, Colorado. This multifamily property has 20 units and was built in 1961, with renovations taking place in 2014. The building is located just off West 52nd Avenue near Olde Town Arvada. The property sold on May 31, 2016 for $2,400,000 or $120,000 per unit. Jeff Johnson and Matt Ritter, with the Johnson Ritter Team, represented the Seller in the transaction and Josh Newell, of the Newell Team, represented the Buyer.
“With the sale of 5351-5361 Everett Street, our clients were able to finish the down-leg of their multi-property 1031 exchange, positioning them for a significant expansion of their portfolio,” stated Matt Ritter, principal at Pinnacle Real Estate Advisors.
Photos courtesy of Pinnacle Real Estate Advisors