Pinnacle Announces Sale of 58 Unit Apartment Complex in Arvada, CO
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 Village West, located at 12155 W 58th Avenue in Arvada, Colorado. The 58-unit apartment building was built in 1972 and sold on June 1st with a contract price of $11,200,000; $193,103 per unit and $186.02 per square foot. There was a 52% loan-to-value Freddie Mac Loan that was required to be assumed by the out-of-state Buyer. “We had multiple offers from both in-state and out-of-state Buyers for Village West, with several substantially higher offers than this Buyer’s final offer of $11.2 million. This Buyer was one of just a few groups willing to assume such a low leverage loan, which ended up equating to a price discount since the Seller was able to avoid paying yield maintenance via the loan assumption,” commented Newell. Josh Newell and Derek Greer represented both the Seller and Buyer.