Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of 3201 Riverside Drive in Idaho Springs, Colorado. The multifamily property sold on July 26th for $3,975,000; $112.17 per square foot and $99,375 per unit. Jim Knowlton, Senior Advisor at Pinnacle Real Estate Advisors, represented the seller and Kevin Calame and Matt Lewallen, Senior Advisors at Pinnacle Real Estate Advisors, represented the buyers.

“The buyer sold a property in Boulder, with a low cap rate, and traded into a much larger property with higher returns,” stated Kevin Calame.

“This was the downleg in a 1031 exchange for the Seller.  He was able to streamline his portfolio by moving out of Idaho Springs and buying a larger property in Denver with a higher return,” said Knowlton.