Pinnacle Announces Sale of Two Tri-Plexes in Carbondale

Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 415 & 435 South 2nd Street located in Carbondale, Colorado. This multifamily property has 6 units. 415 S 2nd Street was built in 1971 and 435 S 2nd Street was built in 1992. The buildings are located on 2nd Street, just south of Main Street. The property sold on July 30, 2018 for $1,629,000; $271,500 per unit and $260.51 per square foot. Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer in the transaction.

“This deal completed a 1031 exchange for the buyer. Carbondale is a growing community with a great economy and one of Colorado’s most attractive settings. The quality of life there is high and the rental potential is further bolstered by low inventory and rapidly growing population,” according to Fetter. “It remains to be seen whether this is a buy and hold or if the buyer will look to capitalize on one of the properties several exit strategies, including a conversion to condos or simply selling one of the triplexes and keeping the other.”