Pinnacle Announces the Sale of 1729 Pennsylvania Street
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1729 Pennsylvania Street in Denver, CO. Originally developed as a service residence for the iconic Brown Palace, the 6,267 square foot Uptown apartment building sold at list price for $1,800,000 or $287.22 per square foot. Erik Toll & JB Hochman represented the seller and Josh Newell and Connor Knutson represented the buyer in the transaction.
“The property was in need of significant capital improvements. It was sold with only 4 occupied units. As a service residence, 12 of the 18 units were 200 square foot ‘sleeping rooms’ that shared bathrooms,” stated Toll.
“True value-add opportunities in Denver are a rare commodity. It was a pleasure working on the transaction and we hope the buyer does well here,” Connor Knutson added. “The location of this property is irreplaceable and was zoned C-MX-12, which is super attractive. The buyer plans on repositioning the property and capitalizing on opportunities that are tough to find in the Uptown neighborhood.”