Transactions Report Week Ending 06.08.18
Pinnacle Announces Sale of 2324 Federal Boulevard
Pinnacle Real Estate Advisors, LLC announced the sale of 2324 Federal Boulevard in Denver for $1.2 million ($300,000 per unit; $243 per square foot). Principals Robert Lawson and Jim Knowlton, and Associate Advisor Chris Knowlton represented the buyer.
The value-add 4-plex, built in 1947, is located less than half a block from Jefferson Park and just minutes to Downtown, The Highlands and Sloan’s Lake. The property featured 3 bedroom/2 bathroom units, all separately metered for gas and electric, and included 10 off-street parking spaces.
Pinnacle Announces Sale of Stapleton Flats
Pinnacle Real Estate Advisors, LLC announced the sale of Stapleton Flats located at 1995 Del Mar Parkway in Aurora for $3.8 million ($140,741 per unit; $168.80 per square foot). Principal Josh Newell and Associate Advisor Barton Thompson, with the Newell Team at Pinnacle Real Estate Advisors, represented the buyer and seller.
“The seller was able to capitalize on strong operations and achieve a record-breaking price for a C Class apartment property in North Aurora. The asset is just a few blocks from the Stanley Marketplace, which should have a positive future impact on both rental rates and value,” said Newell. “The buyer is excited to have successfully achieved their 1031 exchange goals with this property.”
Marcus & Millichap Arranges Sale of Holiday Inn Express & Suites in DTC
Marcus & Millichap announced the sale of Holiday Inn Express & Suites, a 92-room hotel in Englewood, for $9.2 million. Neville Rustomjee, Director – National Hospitality Group (NHG), who is an investment specialist in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured by Rustomjee.
Located at 7380 S. Clinton Street, the property’s prime location attracts both business and leisure guests, with close access to Cherry Creek State Park, businesses and a light rail station within one mile.
ARA Newmark announced the sale of a 15,600-square-foot industrial building at 2107 W. College Avenue in Denver for $1.7 million. Newmark agents Mike Wafer and Mike Wafer, Jr. represented the seller, Englewood West College Ventures, LLC, to VELO3 Properties, LLC, represented by Cushman and Wakefield.