Pinnacle Announces Sale of 41-Unit Apartment Building in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 2920 West 32nd Avenue located in Denver, Colorado. This multifamily property has 41 units and was built in 1963. The building is located just east of Federal Boulevard in the highly desirable Highlands Neighborhood. The property sold on November 20, 2017 for $6,600,000 or $160,976 per unit. Josh Newell, Principal with the Newell Team, represented the buyer.
“This was the perfect 1031 exchange scenario for the buyer as we sold their stabilized asset in the suburbs and found this value-add trade opportunity,” stated Newell.
Jeff Johnson, Co-Founder and Principal with the Johnson Ritter Team, represented the seller in the transaction.
“The property is currently 100% occupied by tenants with Section 8 vouchers, but there is no income restriction in place, so the new owner is able to re-position the property in the future if they so choose,” said Johnson.