Pinnacle Announces Sale of 18-Unit Apartment Complex in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of The Duke and Duchess Apartments. This 18-unit multifamily property includes two 9-unit buildings that were built in 1958. The buildings are located 1560-1570 South Albion Street in Denver; just blocks from I-25 and the Colorado Boulevard Light Rail Station. The property sold on December 5, 2016 for $2,525,000 or $140,227 per unit. Joe Hornstein, along with the Hornstein│Fetter Apartment Group, represented both the seller and buyer in this transaction.
“The buildings had undergone several large capital improvements during the past few years and were in very good condition,” said Hornstein. “The buyer was able to satisfy 1031 exchange and sellers were able to capitalize on a good market and turn a nice profit.”