Pinnacle Announces the Sale of Three-Property Portfolio in Denver
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a value-add portfolio in Denver, CO. 801 N Dahlia Street, an 11-unit property built in 1957, sold for an allocated amount of $2,000,000. 830 N Dexter Street, an 11-unit property built in 1956, sold for an allocated amount of $2,100,000. The third property, 4720 E. 8th Avenue, a 12-unit property built in 1958, sold for an allocated amount of $2,200,000. The 34-unit portfolio sold on October 20th for a Contract Price of $6,300,000; $185,294 per unit. The portfolio consisted of (1) studio, (32) 1Br/1Ba units, and (1) 2Br/1Ba units.
Located just blocks away from the new 9+ CO redevelopment and just minutes from Cherry Creek shopping center, these value-add properties had been held for 20+ years and new ownership is excited to take these properties to the next level.
“Both parties were great to work with throughout this transaction. This was a bitter-sweet sale for the Seller because they have owned these properties for over 20 years but they are excited to see new ownerships’ plans come to fruition. The Buyer’s lender, Jason Wiens with 1st Bank, and Chandra Nay with Fidelity National Title, were both crucial in getting this deal to the finish line.” said Quentin.
Quentin Shore, Associate Advisor, Jim Knowlton, Owner/Principal, and Chris Knowlton, Vice President, represented both the Buyer and the Seller in the transaction.