Pinnacle Announces Sale of 17-Unit Apartment Building in Baker
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 310 West Archer Place in Denver, Colorado. This 17-unit multifamily property was built in 1965 and significantly renovated in 2012. The building, located in Denver’s attractive Baker neighborhood, sold on February 16th for $3,158,000; $185,765 per unit and $353.60 per square foot – a record high price per square foot for the neighborhood. Robert Lawson and Jim Knowlton with the Knowlton│Lawson Team and Joe Hornstein and Scott Fetter with the Hornstein│Fetter Apartment Group represented both the buyer and the seller in the transaction.
“The Buyer recognized this opportunity to get into the Baker apartment market due to both the demographics of the neighborhood and the few competing apartment buildings that serve it. This property is walking distance to the thriving S. Broadway bar/restaurant scene, and it’s also walking distance to Light Rail. Simply put: it’s a great building and a great location,” said Fetter.
“The Buyer assumed the Seller’s current loan, therefore saving the Seller a significant prepayment penalty which accounted for the difference from the list price and the closing price,” said Lawson.