Pinnacle Announces All Cash Sale of Cherry Street Apartments
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Cherry Street Apartments located at 831 and 861 North Cherry Street in Denver, CO. The 38-unit property, built in 1948, sold on May 26th for a Contract Price of $10,150,000; $267,105 per unit and $379.30 per square foot. The turn-key property, located steps away from the 9th and Colorado Redevelopment, was completely overhauled in 2014 with renovations including new roofs, kitchens, bathrooms, electrical and plumbing, as well as updated common areas and courtyards. Robert Lawson, Principal, represented the Buyer in the transaction.
“This was an all-cash transaction which sold above the sellers ask price and was not publicly marketed. There were a few select brokers who had the chance to bring offers to the seller and the seller received multiple offers. However, we were the first offer, had the best terms and our proven track record and long-term relationship with the seller ultimately inked a deal quickly. This was a 1031 exchange for the buyer and we were able to get this property under contract before the downleg asset sold,” said Lawson.