Pinnacle Announces Sale of 12-Unit Apartment Building in Arvada
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 9990-10000 W 59th Ave located in Arvada, Colorado. This multifamily property has 12 units and was built in 1959. The building is located just east of Kipling and 59th Place in the Ralston Valley Neighborhood. The property sold on October 25th, 2016 for $1,550,000 or $129,167 per unit. Joe Hornstein and Scott Fetter, along with the Hornstein│Fetter Apartment Group represented both the seller and the buyer in this transaction.
“The Sellers were motivated to move this asset to provide capital for other buildings they own which they would like to improve,” said Fetter. “The Buyer used the purchase to complete a 1031 Exchange. In doing so, they were able to buy a property in better condition and in a better location than the asset they relinquished. Their cash flow will also increase so they are happy to close the deal.”