Pinnacle closes trio of metro Denver area apartment deals
701 28th Street was sold by Joe Hornstein and Bobby Hutchinson; 20 South Pearl Street and 1410 Humboldt Street were sold by Kyle Malnati.
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Nobody told Pinnacle Real Estate Management there is a commercial real estate downturn
Local commercial real estate firm expanded 500% in 2009 by achieving higher than market occupancy and turning around underperforming assets.
Pinnacle Real Estate Management, formerly State Street Properties, is a collaboration of Don Brennan, Chris Maley, Matt Ritter and Jeff Johnson. Longtime commercial real estate veterans in Denver, the group joined forces to form Pinnacle Real Estate Management. By focusing on their ultimate goal of maximizing client's cash flow and increasing the value of their investments they were able to outperform the market in 2009, a year in which most firms were looking towards stabilization, Pinnacle grew their clients asset values.
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We proudly congratulate our 2009 Top Producers
Colorado Real Estate Journal
Kyle Malnati had an astounding year, closing 9 commercial real estate transactions totaling $16,848,900 in volume to earn the 2009 TOP PRODUCER awards. Kevin Calame and Matt Lewallen received the 2009 Most Improved awards, Russ Agnew, Bobby Hutchinson, Joe Hornstein, Justin Krieger, Rob Edwards, JB Hochman, and Josh Newell received the 2009 Top Five award for an extraordinary year.
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Pinnacle Real Estate Advisors Awards Its Top Producer Status to the Youngest Recipient In Firm History
27 Year Old Multifamily Broker Celebrates His Best Year Ever By Winning The Firm's Top Producer Award
Kyle Malnati earned Pinnacle Real Estate Advisors top producer award for commission volume for the year 2009 by focusing on metro Denver apartment sales. Matt Ritter, Principal of Pinnacle Real Estate Advisors, LLC, attributes Kyle's success during the great recession of 2009 to "blocking out the negative headlines and focusing on his amazing work ethic". In the office by 5:00 a.m. many days, Kyle was able to help his clients navigate through difficult times in the macro economy as well as the commercial real estate sector, which has seen its most challenging times in years. It was Kyle's 3rd year in the business as a salesperson and each year he has enjoyed significant growth in his business. More importantly, Kyle did all of this while enjoying the birth of his first child, a daughter named Charlotte, with his wife Courtney.
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Quartet of apartment properties sells for $3.33 million
Colorado Real Estate Journal
Pinnacle Real Estate Advisors LLC closed a quartet of apartment transactions across metro Denver over a four-week span and three of them closed in two weeks' time.
J.B. Hochman and Josh Newell of the Hochman Newell Team at Pinnacle Real Estate closed the deals, which totaled $3.33 million.
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An optimistic outlook on Denver's vacancy rates
Denver Business Journal
Among the factors increasing vacancy rates: Renters have downgraded to cheaper units or taken on roommates to reduce cost, and college students and other young adults, who may have moved into apartments in the past, are instead moving in with their parents.
"Alot of what's happening is based on fear, and in some cases, not the reality out there," said Jeff Johnson, a principal with Pinnacle Real Estate Advisors, a commercial real estate brokerage firm in Denver. "Eight percent is not that bad when you consider 5 percent is equilibrium." He added that current conditions still are better that they were during the first two quarters of 2003, when the vacancy rate hit 13.1 percent - a result of overbuilding, the aftermath of the Sept. 11, 2001 terrorist attack, the burst of the tech bubble and the decline of the stock market.
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Metro Denver - Apartment Market Overview
Key Bank's Commercial Mortgage Symposium
Jeff Johnson of Pinnacle Real Estate Advisors recently spoke at a simposium where industry professionals, including a representative from Fannie Mae got together to discuss the current state of the multifamily investment market. Attached is a copy of Jeff's presentation. Some of the important points covered were: Why investment real estate? Why apartments? Why Metro Denver? National trends and submarket trends were also discussed.
Click here to see a PDF version of Jeff's presentation
Real deals: Aurora apartment complex sold
Denver Business Journal
In another metro-area apartment deal, the seven-unit property at 1225 York St. in Denver has sold for $713,350, or $101,907 a unit. The Monterrey on York LLC of Reno, Nev., purchased the apartments from Blue Sky Properties Inc. of Denver, as 1225 York St. LLC. Brokers at Pinnacle Real Estate Advisors LLC of Denver represented both parties in the transaction.
Other recent real estate sales and leases, according to brokers, include:
Coal Mine Shops, 6709 W. Coal Mine Ave., Littleton - This fully occupied, 7,559-square-foot strip center was purchased in a 1031 exchange by WCMAR LLC of Highlands Ranch for $1.5 million, or $200 per square foot. The seller was M and M Trust. Tenants at the center include Blockbuster Video, Domino's Pizza and Fantastic Sam's. Pinnacle Real Estate represented both parties.
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Pinnacle closes several local apartment transactions
Colorado Real Estate Journal
The Corona Apartments in Thornton recently sold for $2.8 million – one of a several recent multifamily transactions closed by Pinnacle Real Estate Advisors LLC.
Corona Street Apts LLC paid $58,333 per unit for the 48-unit apartment building located at 8915 Corona St.
“The price per unit we fetched at Corona reinforces that the North Denver apartment market remains strong,” Pinnacle Real Estate’s Josh Newell said of the community built in 1972.
Click here to read the full article from the Colorado Real Estate Journal