Pinnacle Announces Sale of 13-Unit Value-Add Property in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 4514 E 8th Avenue in Denver, CO. The 13-unit property, built in 1944, sold on September 13th for a Contract Price of $3,400,000; $261,588 per unit and $332.19 per square foot. The property, consisting of (13) 2Br/1Ba units, was located just blocks away from the new and flourishing 9+ CO redevelopment and just minutes from Cherry Creek. Located on a large lot, the unique property included 815 square foot units, hardwood floors, a yard in the back of the building, and one-to-one parking. Quentin Shore, Associate Advisor, Jim Knowlton, Owner/Principal, and Chris Knowlton, Vice President, represented the Seller in the transaction.
“The Seller was amazing to work with and was willing to get creative to help get this deal to the finish line. As the transaction evolved, this rapidly changing interest rate market proved to be challenging. We were able to pivot quickly and execute a loan assumption in order to get the transaction to the finish line,” said Quentin.