Pinnacle Announces Sale of a 12-Unit Apartment Building in Aurora, CO
Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 1320 Macon Street in Aurora, Colorado. This 12 unit multifamily property is located less than one mile from the Fitzsimons Medical Campus in the North Aurora sub-market. The property sold on June 7th, 2019 for $1,425,000; $118,750/unit and $193/square foot. Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the Buyer and the Seller in the transaction.
“The Buyer, picking up a property with above market cash flow, still sees some opportunity to improve rents in this asset and hold this for a long term, cash flowing investment. Indeed, the North Aurora sub-market has shown the highest rent-growth over the past 12 months of all Denver’s submarkets, so his bullish position on the area is justified. The Seller needed to let go of this asset to complete a refinance of a larger portfolio of properties in the area they own. Like the Buyer, the Seller sees long term value in the North Aurora sub-market and is now leveraged accordingly.” – Scott Fetter