Pinnacle Announces the Sale of 17-Unit Apartment Building in Baker Neighborhood
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 410 Delaware Street in Denver, CO. This 17-unit multifamily property was built in 1966 and was fully renovated in 2012. The property is located in the Baker Neighborhood. All units are one bedroom, one bathroom. The property sold on April 5, 2017 for $3,600,000 or $211,765 per unit.
“This is the last property in a three-building portfolio we have closed for Slipstream Properties,” Hornstein said. “All three properties sold near record prices due to the high quality of finishes, locations and solid operations. The sellers did a great job improving the assets and achieving top of the market rents. There was a significant amount of investor interest in all of the properties.”
The Slipstream three building apartment portfolio came on the market in fall of 2016. 2633 West 25th Avenue in Jefferson Park neighborhood sold on October 12, 2016 for $3,920,000 ($218k/unit and $346/sf). 310 West Archer Place, also in Baker neighborhood, sold on February 15, 2017 for $3,158,000 ($186k/unit and $353/sf). 410 Delaware Street sold on April 5, 2017 for $3,600,000 ($212k/unit and $367/sf). This makes the total sales price of the Slipstream Portfolio at $10,678,000 and average of $205,000 per unit and $355 per square foot.
Joe Hornstein and Scott Fetter, with the Hornstein│Fetter Apartment Group and Jim Knowlton and Robert Lawson with the Knowlton Lawson Team represented both sides on all three transactions.