Pinnacle Announces Sale of 9-Unit Property in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 4419-4439 West Nevada Place, Denver, CO 80219. This 9-unit multifamily property contains all recently renovated 2 bedroom/1 bathroom units with private back patios and individual tenant storage. The apartment building is located in the Westwood Neighborhood just south of Alameda Avenue. The property sold on December 13, 2016 for $1,310,000 or $145,555 per unit. Scott Fetter, along with the Hornstein│Fetter Apartment Group, represented both the seller and buyer in this transaction.
“This deal completed a 1031 Exchange for the Buyer,” said Fetter. “Cash flow was a priority and we were able to get the Buyer into a property with well over 14% cash on cash returns. The majority of the property rents to low income, subsidized housing groups. The unit mix and the many recent improvements make the property fantastic for this. Additionally, Denver’s need for affordable housing means this property will be a stable investment for this client for a long time.”