Apartment Building Sale – Denver

Price: $4,534,000

Units: 42

Address: 1330 W MISSISSIPPI AVENUE

City: DENVER

State: CO

ZIP: 80223

PINNACLE ANNOUNCES SALE OF 1330 W MISSISSIPPI AVE IN DENVER

Denver, CO – August 1st, 2016 – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1330 W Mississippi Avenue in Denver, Colorado. This 42-unit property sold on July 26th with a contract price of $4,534,000; $107,952 per unit and $177.16 per square foot. The property, built in 1971, is located less than a mile from Washington Park and the Broadway Station Redevelopment Site.  It featured new paint and landscaping, a new courtyard, and new appliances, countertops, light fixtures and floors in 39 of the 42 units.

“The seller really did a great job of re-positioning the property over the past few years.  He completely re-tenanted the property and renovated all but two of the units which allowed him to achieve over an 85% increase in the rent roll,” said Knowlton.

“This was the upleg in a 1031 exchange for the Buyer.  The transaction allowed the Buyer to sell a property that was an outlier in his portfolio and purchase Mariposa Apartments, which fit nicely into the portfolio of units that he currently has in the area.”

Jim Knowlton, Senior Advisor at Pinnacle Real Estate Advisors, worked with both the buyer and seller in the transaction

For more information, please contact Jim Knowlton at 303-962-9543.

Pinnacle Real Estate Advisors
Pinnacle Real Estate Advisors is a full-service commercial real estate brokerage firm servicing clients globally who own commercial properties in the metro Denver area and throughout Colorado. Our expertise encompasses all commercial real estate property types. We have experienced advisors specializing in apartment building sales and acquisition; retail property sales, leasing and acquisition; office property sales, leasing, tenant representation, and acquisition; and industrial property sales, leasing and acquisition. The Pinnacle Experience™ is a unique approach that is focused on each client’s needs, delivering superior real estate guidance, proven market perspective and unmatched results. Pinnacle Real Estate Advisors combines market expertise with a Full Spectrum Marketing™ campaign that delivers innovative real estate solutions that are client-centric and relationship focused. In 2015, Pinnacle Real Estate Advisors closed 356 transactions for a total of $508 million. To view a current list of our buildings for sale in Denver, visit: www.pinnaclerea.com/featured-listings.