Pinnacle Announces the Sale of 809-825 Oak Street
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 809-825 Oak Street in Lakewood, Colorado. This 12-unit property sold on June 21st with a contract price of $1,405,000; $117,083 per unit and $137.48 per square foot. The property, consisting of two side-by-side 6 plexes on a 27,000 SF lot, featured large, updated one and two bedroom units and was located just blocks from the Oak Street Light Rail Station.
Robert Lawson and Jim Knowlton, Senior Advisors at Pinnacle Real Estate Advisors, and Chris Knowlton, Associate Advisor at Pinnacle Real Estate Advisors, worked with both the buyer and the seller.
“We received 12 offers in the first few days of marketing and ultimately went under contract above list price! Both the seller and buyer were completing 1031 exchanges. The seller planned on exchanging into raw land for multifamily development, and the buyer already owns multi-family property in Lakewood and saw the value-add potential in this property as a great opportunity to add to his existing portfolio,” said Chris Knowlton.