Pinnacle Announces Sale of a 42-Unit Apartment Building in Applewoods Neighborhood
Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 1975 Oak Street located in Lakewood, Colorado. This multifamily property has 42 units and was built in 1971. The building is located on Oak Street, just north of Kipling Street. The property sold on April 22, 2019 for $7,500,000; $178,571/unit and $220/square foot. Joe Hornstein represented the seller and Scott Fetter represented the buyer in the transaction.
“The buyers came in and offered an aggressive price assuming the existing debt, so it was too good of an opportunity for the sellers to pass up” Hornstein said. “The buyers intend to hold long term and will do great, it’s one of the nicest, small, suburban complexes we have sold. The rents still have some room to run in this submarket.”