Pinnacle Announces the Sale of a 4-Unit Apartment Building in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1250 Josephine Street located in Denver, Colorado. This multifamily property has 4 units and was built in 1930. The building is located east of Downtown Denver, just blocks from Cheesman Park and sold for $1,100,000 ($275,000/unit; $285.05/square foot). Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer in the transaction. Thomas Graeve and Dallas Sherman of the Front Range Team represented the seller in the transaction.
“The first time I toured this property, I knew I was looking at something unique for a location in the urban core,” said Graeve. “ I was happy to get a strong price for my clients, but this is a gem that still has a lot of potential for the new owners.”
“The buyers were in a 1031 exchange and looking for a stable asset with redevelopment potential,” according to Veith. “This property was a perfect fit due to its great location and condition, as well as its large lot size.”