Pinnacle Announces Sale of 19-Unit Apartment in Lakewood
Josh Newell, Owner/Principal, with the Newell Team and Jim Knowlton, Owner/Principal, with the Knowlton Lawson Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of Carr Crossing, located at 1091 Carr Street in Lakewood, Colorado. The 19-unit apartment building was built in 2020 and sold on April 10th with a contract price of $6,775,000; $356,579 per unit and $423.52 per square foot. Josh Newell, who represented the Seller, commented that this was a great opportunity for the Seller to effectively monetize the existing, assumable debt associated with Carr Crossing. “Selling an actual 4.5% CAP rate is difficult given the current debt market, however the loan assumption yielded amazing results for the Seller,” said Newell. “This property served as the upleg in a 1031 exchange for the Buyers. They were able to take advantage of a sub 3% loan with considerable term left on it, and complete their exchange with this purchase,” said Knowlton. Jim Knowlton represented the out-of-state Buyer in the transaction.