Pinnacle Announces Sale of Income Restricted 54 Unit Apartment Property in Arvada, CO
Josh Newell, Owner/Principal, and Derek Greer, Associate Advisor, with the Newell Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of Parkview Village West located at 5352 Everett Street in Arvada, Colorado. The income restricted, 54-unit apartment building was built in 1972 and sold on July 1st with a contract price of $6,850,000; $126,852 per unit and $166.91 per square foot. Newell commented that “Parkview Village West has significant in-place restrictions for about another 20 years, which obviously impacted the purchase price. The asset will continue to be ran by an experienced operator who will carry the existing mission of providing safe, affordable housing to its residents.” Josh Newell and Derek Greer represented both parties in the transaction.