Pinnacle Announces Sale of a 13-Unit Apartment Building in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 2700 Monroe Street located in Denver, Colorado. This multifamily property has 13 units and was built in 1946. The building is located on Monroe Street, north of Denver’s City Park. The property sold on January 20, 2016 for $1,600,000 ($123,076/unit; $106.07/square foot). Joe Hornstein and Scott Fetter represented the seller in the transaction.
“The seller had the perfect property for a well-financed buyer,” according to Fetter. “The deal worked because of the HAP contract in place, which allowed the buyer to use special funds to close this deal at a great price for the seller. The seller has bought another deal with the proceeds and still had enough to enjoy some extra cash on hand as a result of the sale.”