Pinnacle Announces Sale of Multifamily Portfolio in Central Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1399 Vine St. and 1644 Pennsylvania Ave, a 52-unit multifamily portfolio located in Denver, Colorado. 1399 Vine St was built in 1957 and 1644 Pennsylvania St was built in 1956. The properties sold on April 8, 2019 for $8,400,000, at a 4.99% Cap Rate. Jeff Johnson and Andrew Monette with the Johnson|Ritter team represented the Seller, and Mike Krebsbach with the Mitchell|Krebsbach Investment Group represented the Buyer.
“Having owned the portfolio for many years, the Sellers had a significant amount of equity in the properties that was providing a relatively low return for them. Knowing the apartment market was at an all-time high, we helped show the Sellers the huge advantage of trading into multiple cash flowing commercial investment properties, which significantly increased their cash flow, total return, and required less management oversight,” stated Jeff Johnson, principal at Pinnacle Real Estate Advisors.