Pinnacle Announces Sale of an 8-Unit Apartment Complex in Commerce City, CO
The Hornstein Fetter Apartment Group & the Diesch Sengelmann Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 5561-5573 E. 70th Avenue & 7011-7023 Holly Street in Commerce City, Colorado. This 8 unit multifamily property is located in the Adam’s City Neighborhood and has easy access to Brighton Blvd. and I-76. The property sold on July 26th, 2019 for $670,000; $83,750/unit and $95/square foot. Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the Buyer and Peter Sengelmann and Eric Diesch of the Diesch Sengelmann Team represented the Seller in the transaction.
“The property is income restricted and, as a result, is almost never vacant because of the depth of need for these types of units. Still, the price had to account for the extensive income restrictions on the asset. This property, at the price the buyer acquired it, will make for a nice long term hold.”– Scott Fetter, Principal with Pinnacle Real Estate
“The Seller came to us with a specific goal, we were happy to help them complete their goal,” stated Peter Sengelmann, senior advisor with Pinnacle Real Estate.