Pinnacle Announces Sale of 11 Unit Apartment Building in Arvada, CO
Josh Newell, Owner/Principal, Connor Knutson, Vice President, and Jake Waxter, Associate Advisor with the Newell Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale 8470 W 52nd Place in Arvada, CO. The 11-unit apartment building was built in 1974 and sold on July 27th with a contract price of $2,400,000; $218,182 per unit and $236 per square foot. “We were able to find a local Buyer who executed a 1031 exchange in order to purchase this asset. The Seller was very satisfied with this price as it computed to just over a 4% CAP rate,” commented Knutson. Josh Newell, Connor Knutson, and Jake Waxter represented the Seller and Buyer in this transaction.