Pinnacle condos sale puts Opus Northwest nearer Denver market exit

Posted by puguh on Monday, March 14, 2011

Pinnacle condos sale puts Opus Northwest nearer Denver market exit. Opus Northwest has sold the remaining 72 condos at the Pinnacle at City Park South for more than $20 million, bringing it one step closer to pulling out of the Denver market.

Condo Capital Solutions, the Louisville-based real estate investment and turnaround company that bought the units, said it will sell them for well below what they were offered for when the project was completed in 2007.

"Buyers are going to get a good deal," said Marcel Arsenault, principal of Condo Capital Solutions. "They'll probably clear out fairly fast. When people get a good deal, they generally line up and take advantage of it."

The sale leaves Opus with an office and residential project at 1400 Wewatta St. downtown.

"This is part of the orderly wind-down and liquidation of the company," said John Solberg, Opus Northwest's chief executive. "We felt that Marcel and his group, Condo Capital Solutions, would be good stewards going forward and preserve the value for the existing homeowners."

Over the past few years, Opus had reduced prices significantly in an effort to sell the condos after the housing market tanked.

Condo Capital Solutions plans to reduce the prices a bit more, but it will not be to "rapid liquidation values," said Peter Wells, managing partner of the company.

Prices will range from the high $240,000 range for a smaller unit to about $1.1 million for a three-bedroom, three-bath condo on the 18th through 21st floors.

The 284-unit Pinnacle on East 17th Avenue overlooking City Park has two residential towers joined by a seven-story "base" building topped by an outdoor pool that connects with an indoor fitness center.

"That project is a very interesting project, primarily because of the quality of the finishes and the quality of design and the choice they made to place it in that location," said Chris Mygatt, president and chief operating officer of Coldwell Banker Residential Brokerage. "The concern is there isn't much of a vibrant, urban life around it. . . . That will be the challenge."


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