Pinnacle Announces Sale of 75-Unit Multifamily Portfolio in Grand Junction
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 306, 420, and 445 Chipeta Avenue in Grand Junction, CO. The 75-unit, value-add portfolio, comprised of 3 separate buildings, sold on December 21st for a Contract Price of $7,500,000; $100,000 per unit. The property, located just north of downtown Grand Junction and one mile from Colorado Mesa University, featured a great mix of one- and two-bedroom units, with immediate rental upside in as-is condition. Chris Knowlton, Vice President, represented the Buyer in the transaction.
“The Buyer saw a great opportunity to acquire an asset from a long-term owner and he plans to improve the property and increase the rents to market levels”, said Knowlton.