Pinnacle Announces Sale of 12 Unit Apartment Building in Lakewood

Josh Newell, Owner/Principal and Connor Knutson, Vice President, with the Newell Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale 1650 Vance Street in Lakewood, CO. The asset includes (12) 1Bd/1Ba apartments, (10) garages & a workshop. The asset was built between 1952-1962 and sold on September 29th with a contract price of $2,300,000; $191,667 per unit and $363.01 per square foot. “The Buyer initially planned to assume the existing Freddie Mac debt, however midway through escrow the Buyer decided to pay all-cash, which made the Close Date arrive more quickly,” commented Newell. Connor Knutson and Josh Newell represented the Seller and Buyer.