Jim Knowlton, Owner/Principal, and Gunnar Wilson, Senior Advisor, at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of Lighthouse Apartments located at 6130 W 40^th Avenue in Wheat Ridge, CO. The 14-unit apartment complex sold on October 28^th for a Contract Price of $3,150,000 ($225,000/Unit). The property, built in 1956, featured a rare unit mix of 2 Bed/1 Bath and 3 Bed/1 Bath Units, all with upgraded flooring, kitchen and bathrooms, as well as a new roof, newer windows, newer boiler and new parking lot. The Buyer was able to acquire a well-maintained, turn-key asset with rental upside, and assumed the existing loan securing a rate well below current market rates for another 7 years. Jim Knowlton represented the Seller in the transaction, and Gunnar Wilson represented the Buyer.

Gunnar and Jim facilitated the Buyer’s down-leg in their 1031 exchange and guided them through the loan assumption process on the up-leg. “Despite the many moving parts in this deal, we were pleased to nearly double the Buyer’s cash flow in today’s market and to support the Seller as they transition to their next project,” said Gunnar.