Pinnacle Announces Sale of $40,000,000 Denver Apartment Complex
Josh Newell, Principal and Derek Greer, Associate Advisor with the Newell Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of The Villas, located at 2555 31st Street in Denver, Colorado. The 120-unit apartment complex was built in 2013 and is comprised entirely of 3 bedroom/3 bathroom units. The Villas sold on September 17th, 2021 with a contract price of $40,005,000; $333,375 per unit and $279 per square foot. “The Villas is sandwiched between the Highlands and Downtown Denver in the Fox Island District, and is walking distance to a light rail station and several sizeable development projects. The asset is primarily rented by the bedroom to students, which led to COVID related occupancy challenges over the past 18 months. However, the Buyer believes in the asset and location enough to execute at an actual 3.26% CAP Rate with a heavy value-add component,” commented Newell. Josh Newell and Derek Greer represented the local Seller and out-of-state Buyer in the transaction.