Pinnacle Announces Sale of 20 Unit Value Add Property
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 20-unit property located at 5840 Carr Street, Arvada, CO 80004. The asset is multi-family apartment building totaling 10,770 square feet. The seller acquired the property in 1977 and after almost 45 years of ownership, sold the property for $2,550,000 ($127,500/unit and $236.77/SF).
The property was sold to RNGD Carr, LLC, and its partners on August 20, 2021. Buyer contact, Ryan Lawless, stated, “I am extremely excited for the opportunity to acquire this asset from a seller who has owned it for over four decades, and it is evident that they took great pride in the building throughout those years. The proximity to Olde Town Arvada, coupled with the value-add opportunity, perfectly illustrates the type of acquisition I was seeking in the Front Range. I look forward to executing a substantial repositioning strategy that will ultimately deliver the Arvada market a freshly renovated building offering some of the most competitively priced rents in the area”.
Barton Thompson and Kyle Gossett of the Thompson Group at Pinnacle Real Estate Advisors represented the Seller in the transaction. Thompson stated, “This is the type of value-add sale that we like to facilitate; the seller managed the property and had a steady cash flow for many years, then was able to sell it as an investment property at a strong Cap Rate, allowing the seller to retire and enjoy proceeds from the sale. At the same time, the buyer was able to purchase a well-maintained, stable asset that offers significant rental upside in a strong market. This win-win scenario demonstrates that the Denver Metro market continues to provide these type of investment opportunities to buyers and sellers alike, and we don’t foresee the market slowing down in the near future. We gladly represent both buyers and sellers looking to capitalize on the current market”. The Thompson Group specializes in multifamily investments, thinking creatively, and crafting win-win solutions for its clients.