Pinnacle Announces the Sale of 35 Units in Greeley
Jim Knowlton, Principal at Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 510 and 530 13th Avenue in Greeley, CO. The 35-unit property, comprised of 3 separate buildings, sold on January 27, 2020 for a contract price of $4,500,000; $128,571 per unit and $147 per square foot. The property featured a great unit mix of (32) 2Bd/1Ba units, (2) 3Bd/1Ba units, and 1 studio unit, all individually metered for gas and electric, and many units updated with new floors, granite countertops, and stainless steel appliances. Jim Knowlton represented the Buyers in the transaction.
“The Buyers were in a 1031 exchange after selling a property in Central Denver at a 5.5% CAP Rate. They took their equity and were able to significantly increase their cash flow with the purchase of these 3 properties,” said Knowlton.