Pinnacle Announces Sale of a 10-Unit Apartment Building in Aurora
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1613-1631 Alton Street located in Aurora, Colorado. This multifamily property has 10 units and was built in 1960. The building is located on Alton Street, north of Colfax Avenue. The property sold on May 30, 2018 for $1,000,000; $100,000/unit and $132.07/square foot. Scott Fetter, Principal, represented the buyer and the seller in the transaction.
According to Fetter, “The building received funds through the project-based HAP program to be renovated a few years ago but the rent limits that were now in place as a result were a challenge to the property’s current value. The buyer, paying cash, will probably remove the HAP contract from the property and significantly increase its value when that happens.”