Pinnacle Announces Sale of 18 Unit Apartment Building Near Old Towne Arvada

Josh Newell, Owner/Principal and Jake Waxter, Associate Advisor with the Newell Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of Arvada Pines located at 8440 W 52nd Avenue in Arvada, CO. The 18-unit apartment building was built in 1973 and sold on June 27th with a contract price of $3,575,000; $198,611 per unit and $243.69 per square foot. “17 years after our Team sold the out-of-state owners Arvada Pines, they were thrilled to be able to exit at almost 4x what they initially paid for the asset. We sold this property to a local Buyer who is excited to get started on his first multifamily venture,” commented Newell. Jake Waxter and Josh Newell represented both the Seller and Buyer in the transaction.