Pinnacle Announces Sale of Historic City Park Apartments in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 4-unit multifamily property located at 1511-1517 Harrison Street in Denver, Colorado. The property sits just two blocks south of City Park in Denver.
“This deal went under contract after a competitive situation that saw the purchase price get bid up above our asking price. The response from the market to the listing is evidence of two things: The Colfax/Colorado neighborhood has improved significantly in terms of appeal to investors and the market for small apartment deals in Denver remains extremely strong. The Seller will complete a 1031 Exchange and the Buyer, who paid cash to close, will make renovations and improve rents at the property, which she hopes to hold for the long term,” stated Scott Fetter, Senior Advisor at Pinnacle Real Estate Advisors.
The property sold on September 13, 2016 for $632,500 ($158,125/unit; $214/square foot). Joe Hornstein and Scott Fetter represented the seller in the transaction.