Pinnacle Realty Advisors, LLC announced the sale of Cherry Street Apartments located at 831 and 861 North Cherry Street in the Hale neighborhood of Denver. The 38-unit property, built in 1948, recently sold for $ 10,150,000; $ 267,105 per unit and $ 379.30 per square foot. Robert Lawson, Director, represented the anonymous buyer in the transaction.
The turnkey property, located just three miles from the heart of Denver and steps from 9th and Colorado redevelopment, was completely remodeled in 2014 with renovations including new roofs, kitchens, bathrooms, electrical and plumbing , as well as updated common areas and courtyards. The property is also surrounded by some of the best hospitals in the metro area.
“This was an all-cash transaction that sold for above the asking price of the sellers and was not marketed publicly. There were a few selected brokers who were fortunate enough to bring offers to the seller and the seller received several offers. However, we were the first offer, had the best deal, and our proven track record and long term relationship with the seller ultimately hit a deal. This was a 1031 exchange for the buyer and we were able to get this property under contract prior to the sale of the downleg asset, ”Lawson said.
Pinnacle Real Estate Advisors is a full-service commercial real estate brokerage firm serving clients around the world who own
commercial properties in the Denver metro area and throughout Colorado.