Pinnacle Announces Sale of 17-Unit Apartment Building in Central Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 2633 West 25th Avenue located in Denver, Colorado. This multifamily property has 17 units and was built in 1961. The entire property was significantly repositioned with new apartment finishes, new roof, metal stairs and walkways and concrete courtyard area in 2012. The building is located in Denver’s Jefferson Park Neighborhood, just west of I-25 and south of Highlands Neighborhood. The property sold on October 12th, 2016 for $3,920,000 or $217,778 per unit. Joe Hornstein with the Hornstein│Fetter Apartment Group and Robert Lawson with the Knowlton│Lawson Team represented both the seller and the buyer in this transaction.
“This was a true turn-key, stabilized asset that will be a great long term hold for the buyer as the Jefferson Park neighborhood continues to evolve,” Hornstein said. “The sellers were able to take advantage of incredible investor demand to achieve a very aggressive price and complete a tax deferred 1031 exchange.”