Pinnacle Announces the Sale of 9151 Fontaine Street
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 9151 Fontaine Street in Federal Heights. The 15-unit property, built in 1971, is a rare Federal Heights multifamily offering. The property sold on August 30th for a contract price of $2,040,000; $136,000 per unit and $234 per square foot. The property featured a great unit mix of (7) 1Bd/1Ba & (8) 2Bd/1Ba units, with newer windows, a new 50 kilowatt solar panel system, and large rental upside in as-is condition. Jim Knowlton and Josh Newell, Principals, and Connor Knutson, Advisor, represented the Seller in the transaction, Joe Hornstein and Scott Fetter, Principals, represented the Buyer in the transaction.
“9151 Fontaine is located in Federal Heights, near Westminster and has a great mix of units and good cash flow. The return is further boosted by the great interest rate the Buyer got (3.92%) as well as the solar panel system in place at the property that offsets almost the entire electric consumption at the property. When all this is considered, the Buyer should establish returns on his investment that are pretty difficult to replicate buying in Denver’s multifamily market right now.” – Scott Fetter