Pinnacle Announces Sale of 35-Unit Apartment Building Portfolio in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 911 S Washington Street and 3111 Vallejo Street in Denver, CO. The 35-unit portfolio, sold on December 22nd for a Contract Price of $10,400,000; $297,000 per unit and $471.12 per square foot. 911 S Washington Street was a 20-unit property that sold for $5,600,000; $280,000 per unit and $473.01 per square foot. 3111 Vallejo Street was a 15-unit property that sold for $4,800,000; $320,000 per unit and $468.93 per square foot. The portfolio sold at a 3.91% CAP rate. Robert Lawson, Principal, represented the Buyer in the transactions.
“The two assets set new record high prices per unit for vintage, outside walk-up products of this type in Central Denver; the portfolio traded at a staggering $297,000 per unit. There were over 20 offers on both of these properties, which was a tough situation for the buyer to compete with, but our aggressive terms and price ultimately won the seller over. These assets were in excellent condition and many of the tenants had signed longer-term “Covid priced” leases that were significantly under market for today’s rental rates. We were able to help the buyer increase their cash flow a whopping 1,000% by trading out of their previous underperforming portfolio and into these two properties as well as another one in Fort Collins that they purchased a week prior,” said Lawson.
For more information on this sale please contact Robert Lawson at 303-962-9537 or RLawson@PinnacleREA.com.