Pinnacle Announces Sale of 36-Units in Sloan’s Lake
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 2655 Depew Street in Edgewater. The 36-unit property, built in 1969 and renovated in 2011, is located on a 1.11 acre lot. The property sold on April 8th for a contract price of $6,900,000; $191,667 per unit and $219 per square foot. The property featured 6 buildings with 6-2Br/1.5Ba townhome style units each, new roofs, new gutters, and all units were individually metered for gas and electric. Chris Knowlton, Advisor, and Jim Knowlton, Principal, represented the Buyer in the transaction.
“This is a great value add opportunity in the highly sought after Sloan’s Lake neighborhood. It was a very competitive process to secure this deal as there were multiple offers on the table. Our buyers are extremely excited about the opportunity to improve the asset and bring rents up to market,” said Chris Knowlton.