Pinnacle Announces the Sale of 48 Units in Wheat Ridge
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 3700 Parfet Street in Wheat Ridge, CO. The 48-unit property, built in 1963, sold on November 12th for a contract price of $9,000,000; $187,500 per unit and $177 per square foot. The value-add property was comprised of six 8-unit buildings, all with two story townhome style 2-bedroom, 1.5 bath units. Chris Knowlton, Senior Advisor, and Jim Knowlton, Principal, represented the Buyer in the transaction.
“This was a highly competitive bidding process, with over 10 offers received on the deal. The Buyers plan to renovate the unit and push rents to market rates,” said Chris Knowlton.