Pinnacle Announces Sale of 3 Central Denver Apartment Buildings
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1651 Washington Street, 1671 Washington Street and 1915 Sherman Street. The three multifamily properties have a total of 94 units. The buildings are located in the Uptown and Capitol Hill neighborhoods in Denver. The properties sold on July 31, 2018 for $11,200,000; $119,149/unit and $258/square foot. Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group and Kevin Calame and Matt Lewallen of the Calame Lewallen Team represented the buyer in the transaction.
“These properties are located at the center of Denver’s booming apartment market and the sale price, particularly on a per unit basis, will attract a lot of interest in our investment community. To get that price, the buyer made a significant earnest money deposit that was non-refundable at contract execution,” according to Fetter. “The properties all need various amounts of updating, and I expect the buyer to engage in that process quickly to move the value of this portfolio in line with neighboring assets with similarly premium locations.”