Pinnacle Announces Off-Market Sale of 40-Unit Portfolio in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1410 & 1430 Albion Street in Denver, CO. The 40-unit, value-add portfolio, built in 1948 & 1949, sold on December 29th for a Contract Price of $10,000,000; $250,000 per unit and $397.36 per square foot. The three-story, interior hallway properties featured (5) studio units, (23) one-bedroom units, and (12) large two-bedroom units with immediate upside in rents. Quentin Shore, Associate Advisor, Robert Lawson and Jim Knowlton, Principals, and Chris Knowlton, Vice President, represented both the Buyer and the Seller in the transaction.
“The Buyer plans to update the remaining units and continue the upgrades that the seller started. The Buyer will be able to push rents to market pricing and see immediate upside with both properties,” said Quentin Shore.