Pinnacle Real Estate Advisors, a Denver-based brokerage firm servicing clients with properties throughout Colorado, has facilitated the sale of 3600 S. Lowell Blvd., a 30-unit apartment building in southwest Denver. The community traded for $4.3 million.
Pinnacle’s Joe Hornstein and Scott Fetter of the Hornstein Fetter apartment group worked on behalf of the sellers in the transaction, while Jim Knowlton of the company’s Knowlton Lawson team represented the buyers.
The asset is located within 10 miles of downtown Denver, close to Highway 285 and within 2 miles of several shopping, dining and entertainment venues, including Bear Valley and River Point at Sheridan shopping centers.
“The buyers were in 1031 exchange after selling an apartment building out of state and with very little inventory available, we were able to put them into an off-market deal that accomplished their goals,” Knowlton said, in a prepared statement. “The sellers were not looking to sell, but we presented them with an opportunity they couldn’t pass up,” Hornstein added.
Recently, another community changed hands in the same area, as part of a $21.9 million portfolio deal. A Washington-based investor purchased the 42-unit Emerson Lofts and the 22-unit mixed-use Ascent Uptown.
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