Pinnacle Announces the Sale of a 60-Unit Apartment Complex in Southwest Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of the Stratford Plaza Apartments at 2005-2095 South Depew Street in Denver, Colorado. This sale included four buildings totaling 60 apartments (40-2Br/1Ba and 20-1Br/1Ba) and was built in 1971. The property is located on South Depew Street, just south of Jewell Avenue and west of Sheridan Boulevard. The property sold on January 4, 2016 for $4,925,000 ($82,083/unit; $90.30/square foot). Joe Hornstein and Scott Fetter represented both sides in the transaction.
“This was an extremely difficult transaction to put together,” Hornstein said. “The Sellers included of several unrelated investors that purchased as TIC several years ago. They all had different visions for the property, so they decided it was time to sell. The Buyer intends to complete a large renovation to improve the community and increase rental rates.”