Castle Court Apartments Sold for $3,300,000
Josh Newell, Senior Advisor at Pinnacle Real Estate Advisors, LLC, announces the sale of Castle Court Apartments located at 7 & 19 N Cantril Street in Castle Rock, Colorado. The two properties, each with 17-units, sold on January 30th with a contract price of $3,300,000; $97,058 per unit and $90.52 per square foot.
The properties were constructed in 1980 and 1985, respectfully. “These buildings were attractive to the Buyer because of the lack of B/C class multifamily assets in Castle Rock, not to mention their proximity to downtown. The Buyer plans to lightly renovate the property over the next couple of years, which should yield significantly higher rents,” commented Newell.
Newell represented both the local seller and buyer in the transaction. “This was a quick flip for the Seller who was thrilled with the returns they attained in such a short period of time,” Newell added.