Pinnacle Real Estate Advisors LLC announced the sale of a 12-unit apartment building in Arvada.
The seller paid $1.55 million, or $129,167 per unit, for the building constructed in 1959 at 9990-10000 W. 59th Ave.
Pinnacle did not release the name of the buyer or the seller.
The building is just east of Kipling Street and West 59th Place in the Ralston Valley neighborhood.
Joe Hornstein and Scott Fetter, along with the Hornstein│Fetter Apartment Group at Pinnacle represented both the seller and the buyer in this transaction.
“The sellers were motivated to move this asset to provide capital for other buildings they own which they would like to improve,” Fetter said.
“The buyer used the purchase to complete a 1031 Exchange,” according to Fetter.
“In doing so, they were able to buy a property in better condition and in a better location than the asset they relinquished,” he said.
“Their cash flow will also increase so they are happy to close the deal.”
