Small Apartment, Big Price
Pinnacle Real Estate Advisors'Scott Fetter and Matt Lewallen's latest brokered transaction was the sale of an 11-unit, '60s-era apartment building at 2412 S York St, which traded for $1.18M (or $107k per unit). That may sound like aggressive pricing for a small apartment building, but the property's across the street from the University of Denver's campus. (It's a bargain considering the other way to get this close to campus is to actually pay college tuition.) "The per unit price is the highest on record for this product type in the Denver U area," Scott says. The property sold at a 6.25% cap rate.