Pinnacle Announces Sale of a 12-Unit Apartment Building in Wheat Ridge
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 5995 W 29th Avenue located in Wheat Ridge, Colorado. This multifamily property has 12 units and was built in 1955. The building is located on 29th Avenue, just west of Sheridan Boulevard and Sloans Lake. The property sold on June 29, 2018 for $1,911,000 ($159,250/unit; $254.63/square foot). Scott Fetter and Joe Hornstein represented the buyer and seller in the transaction.
“This deal was a classic example of how the 1031 can be used to improve cash flow, or location, or condition, etc. In this case, the buyers achieved all three objectives,” Fetter said. “The property is well suited to provide cash flow if the market slows and the buyers got a great loan through Freddie Mac to further improve cash flow from their downleg asset in Aurora.”