Pinnacle Announces Sale of Baker District Apartment Building
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 245 Bannock Street in the heart of the Baker District near downtown Denver. This building is made up of 15 total units including four one-bedroom and 11 two-bedroom apartments. The building was built in 1963. The property sold on March 10, 2017 for $3,250,000 or $216,667 per unit. Joe Hornstein and Scott Fetter of the Hornstein│Fetter Apartment Group represented the buyers in this transaction. The Calame │ Lewallen Team represented the sellers in this transaction.
“The buyers were able to purchase this property just under a 6% cap rate, which was a great deal given current market conditions,” Hornstein said. “The property includes mostly two-bedroom units, which is a good compliment to other properties they own nearby with studios and one-bedroom units.”
“The seller was excited to exchange 245 Bannock Street into another larger property, closer to his other buildings,” says Doug Kaste of the Calame │ Lewallen Team.