Pinnacle Announces Sale of an Aurora Value-Add Property
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1627 Geneva Street, Aurora, CO 80010. This 12-unit multifamily property contains all 1 bedroom/1 bathroom units with below market rents. The apartment building is just blocks from the proposed Old Town Aurora Redevelopment. The property sold on December 6, 2016 for $1,025,000 or $85,416 per unit. Scott Fetter, along with the Hornstein│Fetter Apartment Group, represented both the seller and buyer in this transaction.
“This was the buyer’s first purchase in the Aurora market,” said Fetter. “Like many investors, the Buyer was allured to the Aurora market by better returns than the tight Denver metro market currently offers. The Seller was seeking greater stability and will be closing an exchange deal almost simultaneously with the sale of this property. Her equity won’t sit on the sidelines and she is getting better cash flow as a result of new leverage.”