Pinnacle Announces Sale of 14-Unit Apartment Building in Lakewood
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 14 unit multifamily property located at 1320 Ammons Street in Lakewood, Colorado. The property sits just south of Colfax, directly adjacent to the Light Rail West Line and only 3 blocks from the Wadsworth Station.
“Being so close to the Light Rail was obviously a big attraction for the buyer, but he also saw a good value add opportunity by completing some physical upgrades. The building was originally constructed in 1961 and the property’s previous two owners had each made several capital improvements projects to the property including a new roof, new windows, repaving the parking lot, and installing real oak hardwood flooring in 6 of the 14 units. The new owner will be doing the last of the heavy lifting installing the remaining hardwood floors in 8 units, installing all new kitchens, bathrooms and upgrading the electricity to turn the property into a true turn-key investment.” stated Robert Lawson, Senior Advisor at Pinnacle Real Estate Advisors.
The property sold on September 1, 2016 for $1,675,000 ($119,643/unit; $134/square foot). Joe Hornstein and Scott Fetter represented the seller in the transaction, and Robert Lawson represented the buyer.