Pinnacle Announces Sale of 39 Unit Property in Central Denver

Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 6 North Lincoln Street in Denver, CO. The rare 5-story, 39-unit property, built in 1968, sold on November 3rd for a Contract Price of $11,100,000; $284,615 per unit, which was a 3.5% in-place CAP rate. Located in the coveted West Wash Park neighborhood, just one block away from some of the hottest boutique shops and new restaurants taking over the South Broadway corridor, the property featured a newer roof, brand new elevator, and updated units with large private balconies and ample onsite parking. Robert Lawson, principal, represented both the Buyer and Seller in the transaction.

“Both Buyer and Seller were local Colorado investment groups, which is rare in today’s market given the recent mass influx of out-of-state investors. The Buyer saw a strong value-add opportunity with low in-place market rents, opportunities in management efficiencies, and taking advantage of the A+ location, construction type, and low inventory of for-sale product. The Buyer is further adding value by taking the units to the next level of modernization, with high-end “condo quality” finishes, and adding washer/dryers in every unit. The Seller had significant equity built up from their original purchase of the property, which was not returning the cash-on-cash returns available in today’s market. It was time to redeploy that capital into even more units here locally but with better cash-on-cash returns via the lowest interest rate environment in recent history,” said Lawson.