The Amherst Apartment Homes Sold for $5,600,000
Josh Newell and Robert Lawson, Senior Advisors at Pinnacle Real Estate Advisors, LLC, announce the sale of The Amherst Apartment Homes located at 2775 S Federal Boulevard in Denver, Colorado. The 81-unit property sold on February 6th with a contract price of $5,600,000; $69,136 per unit and $88.29 per square foot.
The property, constructed in 1973, has seen over $1,400,000 in renovations since 2010. “Amherst is a nice asset with strong returns. The market really responded nicely to our marketing efforts,” said Newell who represented the local seller. Lawson represented the local buyer in the transaction. “The Buyer assumed the Seller’s current Fannie Mae loan, which is an incredibly tedious process; however, the strength of the Buyer, the terms of the note and the negotiated price turned out to be well worth the investment for the Buyer’s desired return,” said Lawson.