Pinnacle Announces Sale of 872 Clarkson Street in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 872 Clarkson St, a 6-unit Victorian style apartment conversion built in 1900 for $1,100,000 ($183,333/unit), in Denver, CO. Jeff Johnson and Andrew Monette, at Pinnacle Real Estate Advisors, LLC, represented the Seller in the transaction. Chris Knowlton at Pinnacle Real Estate Advisors, LLC, represented the Buyer in the transaction.
“Having owned the property for over 4 years, our Client was earning a relatively low return on equity and had a long commute to manage the property. Through the sale of 872 Clarkson, the Seller was able to free-up the capital in the building in order to fulfill a 1031 Exchange into a newer and easier to manage multifamily asset much closer to home,” stated Andrew Monette, Advisor at Pinnacle Real Estate Advisors.
“The buyer saw this property as a great opportunity to add to his portfolio. He owns 3 other buildings in the area and the unit count and location made this an ideal investment fit,” stated Chris Knowlton, Senior Advisor at Pinnacle Real Estate Advisors.