Pinnacle Announces the Sale of 1646 Routt Street
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1646 Routt Street in Lakewood. The 9-unit property, built in 1961, is located in West Lakewood. The property sold on September 24th, for a contract price of $1,500,000; $166,667 per unit and $211 per square foot. The property featured (8) 2Br/1Ba units, (1) 1Br+Den/1Ba unit. Chris Knowlton, Senior Advisor, represented both the Buyer and Seller in this Transaction.
“The Seller had owned the building for 22 years and had meticulously maintained the property. This was the up leg of the Buyer’s 1031 exchange and he saw a great opportunity to increase rents on an already well-maintained asset.” said Chris Knowlton.