DENVER IS NOT OVERPRICED?
|Pinnacle Real Estate Advisors’ principal Jeff Johnson tells us Denver is not overpriced. At least for the type of apartment properties Pinnacle helps broker. “We’re continuing to see really strong fundamentals, and we’re continuing to see growth in rent rates,” Jeff says. “Some of the comments I continue to hear is we still haven’t pushed the top of the market yet.”|
|One of the most recent transactions Jeff brokered: the sale of Courtyard at Cherry Creek, a nearly 200-unit complex at 5100 Leetsdale Dr. Local Denver investors paid $14.3M for the property, or more than $72k per unit. “These things are moving so quickly, by the time you bring it out, it’s under contract," Jeff says.|