Pinnacle Announces Sale of 18-Unit Apartment in Lakewood
Robert Lawson, Principal, with the Knowlton|Lawson Team, Charlie Mitelhaus, Associate Advisor, and Andrew Monette, Vice President, with the Sandberg|Monette Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 8220 W 16th Place in Lakewood, Colorado. The 18-unit apartment building, built in 1959, sold on July 28th for a contract price of $3,650,000; $202,777 per unit and $221.99 per square foot. The all-brick interior hallway building located less than one mile away from the Wadsworth light rail station features (3) one-bedroom/one-bathroom units and (15) spacious two-bedroom/one-bathroom units. The property also includes a large open area on the southwest corner of the parcel that could be developed in the future. Robert Lawson represented the Sellers, and Charlie Mitelhaus and Andrew Monette represented the Buyers.
“The two teams working together to assist our clients navigate this challenging market and achieve a win-win outcome, is a true testament to Pinnacle’s collaborative culture. Our Buyers saw an opportunity to acquire a quality asset in a strong submarket and are extremely excited about the growth that Lakewood will continue to see,” said Mitelhaus.