Pinnacle Announces the Sale of 42-Unit Apartment Building in Arvada
Pinnacle Real Estate Advisors, LLC, is pleased to announce the sale of 6449 Miller Street located in Arvada, CO. The 42-unit multifamily property, built in 1971, sold for a contract price of $6,950,000; $165,476 per unit and $184.03 per square foot. The property, located near the new Ralston Creek Development in Arvada, features large, updated one and two bedroom units and sits on a quiet, fenced lot in a market that continues to improve. Jeff Johnson, Co-Founder and Principal with the Johnson│Ritter Team represented the Seller in the transaction and Jim Knowlton, Principal with the Knowlton│Lawson Team represented the Buyer in the transaction.
“The Sellers were able to leverage a large increase in the property’s value and trade into multiple apartment properties, thereby increasing their portfolio size,” said Johnson.