Pinnacle Announces the Sale of a 12-Unit Apartment Building in Aurora
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1677 Geneva Street located in Aurora, Colorado. This multifamily property has 12 units and was built in 1964. The building is located on Geneva Street, north of Colfax Avenue and west of the Fitzsimons Medical Campus. The property sold on June 17, 2015 for $1,050,000 ($87,500/unit; $112.18/square foot). Joe Hornstein and Scott Fetter represented the seller in the transaction.
“Without question, this was an exceptional price for a 12-unit apartment sale in the 80010 zip code,” according to Fetter. “But half the property has 2bd units which improved the cash flow and justified the price. It’s very difficult to find decent yield right now in any of Denver’s submarkets – Aurora included. The Buyer did well to close a deal with this kind of cash flow, and the Seller was rewarded for being on top of the rental market and selling a cash flowing apartment building in this competitive market.”