Pinnacle Announces Sale of a 12-Unit Apartment Building in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1350 Macon Street, located in Aurora, Colorado. This multifamily property has 12 units and was built in 1972. The building is located on Macon Street, southwest of Fitzsimmons Medical Campus. The property sold on July 29, 2016 for $1,050,000 ($87,500/unit; $124.64/square foot). Joe Hornstein represented the buyer and Scott Fetter represented the seller in the transaction.
“This was an off-market deal with a buyer in a 1031 Exchange. The buyer believes the values in Aurora have room to grow and hopes to continue to improve the property’s monthly income,” according to Fetter “The Seller was willing to work with this Buyer so that he could pursue new opportunities and achieve a higher return on his equity than the subject property was providing.”