Pinnacle Announces Sale of 24-Unit Apartment Building in Lakewood
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 915 Carr Street located in Lakewood, Colorado. This multifamily property has 24 units and was built in 1968. The building is located just off West 9th Avenue on Carr Street, 8 blocks from the Wadsworth Light Rail Station. This highly sought-after property has an excellent unit mix, large units, and ample off-street parking. The property sold on November 13, 2017 for $4,150,000 or $172,917 per unit. Bart Thompson and Josh Newell, of the Newell Team, represented the buyer.
“Bart and I were able to plug a local buyer in a 1031 exchange into this asset in order to satisfy what had been a lengthy search,” stated Newell. “He sold an asset in central Denver for a premium and was happy to have the opportunity to acquire 915 Carr.”
Jeff Johnson, Principal at Pinnacle on the Johnson Ritter Team, represented the seller in the transaction.
“The seller had experienced a dramatic increase in their equity due to the property’s rapid appreciation, and wanted to trade into a larger investment property,” said Johnson.