Pinnacle Announces Sale of 17 Unit Light Value-Add Property in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 815 Cherry Street in Denver, CO. The 17-unit property, built in 1953, sold on July 26th for a Contract Price of $4,600,000; $270,588 per unit and $227.54 per square foot. The property consists of (2) studios, (13) 1Br/1Ba units, and (2) 2Br/1Ba units.
Located in the booming area next to 9th and Colorado Boulevard, the value-add property is blocks away from the new 9+ CO redevelopment and just minutes from Cherry Creek. The property sold to an experienced cash buyer who was excited about the opportunity to add to his portfolio. “Our team had a great experience working with the Seller and Buyer in this transaction. With a quick 21 day close, both parties moved efficiently and were able to successfully navigate this transaction,” said Quentin.
Quentin Shore, Associate Advisor, Chris Knowlton, Vice President, and Jim Knowlton, Owner/Principal, represented the Seller in the transaction. Luke Salazar, Senior Advisor, Robert Lawson, Principal, and Jim Knowlton, Owner/Principal, represented the Buyer in the Transaction.