Pinnacle Announces Sale of 75-Unit Multifamily Portfolio in Grand Junction
Posted on January 18, 2022
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.