Pinnacle Announces Sale of 31-Unit Multifamily Property in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 31 unit multifamily property for $6,532,000 located at 2444 S York St, Denver, CO 80210. Mike Krebsbach, Vice President, and Kenny Clarke, Associate Advisor, worked with the Buyer in the transaction. “We worked with the Buyer on this transaction whom is a close client of mine out of California. They are a legacy real estate family that buys well located properties and renovates them for long term holds to be passed along to their future generation. They plan to fully renovate this property with high level finishes and raise rents to market. They are excited about this opportunity,” said Krebsbach.
We were able to secure a 18.35% discount on the price which equates to close to $1.5mm price reduction to what it had been listed and under contract for previously. This was largely due to the large increase in our volatile debt markets along with the credibility that our buyer had with the seller as we had sold our buyer another one of this seller’s properties in the past. Our buyer also assumed the seller’s low leverage loan which helped the seller be willing to do a deal with us.
It was also a pleasure working with the listing broker Kyle Malnati with Calibrate Real Estate whom is a friend of ours. We had excellent team work which was tremendously helpful in putting this deal together and successfully getting it to the closing table without any issues.
For more information on this sale please contact Mike Krebsbach or Kenny Clarke.