Pinnacle Announces Sale of Turn-Key 23-Unit Property in Arvada
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 5502 Newland Way in Arvada, CO. The 23-unit property, built in 1972, sold on September 19th for a Contract Price of $4,950,000; $215,517 per unit and $291.73 per square foot. The property, consisting of (23) large 1Br/1Ba units and located near Olde Town Arvada, featured significant interior and exterior capital improvements over the last 12 months, highlighting a proven strategy for increasing rental income and setting a new rent benchmark for 1Br units in Arvada. Luke Salazar, Senior Advisor, Jim Knowlton, Owner/Principal, and Robert Lawson, Principal, represented the Seller in the transaction.
“We are very pleased to see the sellers’ investment strategy come to fruition on this sale by exiting at a record high price for one beds under 100 units in Arvada. The sellers drastically improved the property through capital expenditures and increased rents roughly $500 per unit across the asset in less than 12 months,” said Salazar.