Pinnacle Announces Sale of 1330 W Mississippi Ave in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1330 W Mississippi Avenue in Denver, Colorado. This 42-unit property sold on July 26th with a contract price of $4,534,000; $107,952 per unit and $177.16 per square foot. The property, built in 1971, is located less than a mile from Washington Park and the Broadway Station Redevelopment Site. It featured new paint and landscaping, a new courtyard, and new appliances, countertops, light fixtures and floors in 39 of the 42 units.
“The seller really did a great job of re-positioning the property over the past few years. He completely re-tenanted the property and renovated all but two of the units which allowed him to achieve over an 85% increase in the rent roll,” said Knowlton.
“This was the upleg in a 1031 exchange for the Buyer. The transaction allowed the Buyer to sell a property that was an outlier in his portfolio and purchase Mariposa Apartments, which fit nicely into the portfolio of units that he currently has in the area.”