Pinnacle Announces Sale of 28 Unit Apartment Property in Wheat Ridge, CO
Josh Newell, Principal with the Newell Team at Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Pioneer Apartments located at 6215, 6217 & 6219 W 41st Avenue in Wheat Ridge, Colorado. The 28-unit apartment complex was built in 1961 and sold on June 23rd with a contract price of $5,150,000; $183,929 per unit and $234.30 per square foot. Newell remarked that “Pioneer had been family owned for decades and had many long-term tenants with below market rents living at the property at the time of sale. Though the property was dated, it was evident that the family had exercised care during their tenure as owners. This was a competitive bidding process that included multiple full-price offers from local and out-of-state Buyers.” Josh Newell represented both the Seller and Buyer in the transaction.