Pinnacle Announces Sale of an Opportunity Zone Assemblage in Lakewood
Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 1411 and 1429 Pierce Street located in Lakewood, Colorado. This multifamily property has 9-units and was built in 1930. The building is located south of Colfax Blvd, just blocks from the Light Rail station, and sold for $1,343,840 ($149,316/unit; $166/square foot). Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the seller in the transaction.
“The buyer saw both short- and long-term opportunities with the property,” according to Veith. “While he will focus on short-term improvements and stabilization in the immediate future, his ultimate plan will be to leverage the location within an opportunity zone to develop it or sell the development rights onto the next owner. This is one of the first deals we’ve seen close within an opportunity zone, and it’s been exciting to see how this unique legislation may have an effect on the market both now and in the future.”