Pinnacle Announces Sale of Scandia Apartments in Arvada
Josh Newell, Principal, and Jake Waxter, Associate Advisor, with the Newell Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of the Scandia Apartments located at 9990 W 59th Place in Arvada, Colorado. The 12-unit apartment building was built in 1959 and sold on May 12th with a contract price of $2,400,000; $200,000 per unit and $255.10 per square foot. Josh Newell and Jake Waxter represented the Buyer in the transaction. “Scandia was priced very well and, not surprisingly, it attracted many above-list price offers. Given the rising interest rate environment that we are in, we felt it would be a huge advantage to our client to write their offer without a financing contingency in order to win the deal. Our strategy worked and we Closed the property in 30 days,” commented Newell.