Pinnacle Announces the Sale of 24-Unit Apartment Building in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1877 South Federal Boulevard. This 24-unit multifamily property was built in 1962. The property is conveniently located directly off Federal Boulevard, just north of West Evans Avenue in Denver. The property is made up of all one bedroom, one bathroom units. The transaction closed on September 27, 2017 for $2,900,000 or $120,833 per unit and $209/SF.
“The sellers repositioned the building and significantly increased rental rates during the past couple years,” Hornstein said. “This was a great opportunity for the buyer to step into a stable asset and enjoy cash flow on day one.”
Joe Hornstein and Eric Veith, with the Hornstein│Fetter Apartment Group, represented both the buyer and seller in this transaction.