Pinnacle Announces Off-Market Sale of 34-Units in Castle Rock
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 7 and 19 Cantril Street in Castle Rock, CO. The 34-unit property, built in 1980 and 1985, sold on March 30th for a Contract Price of $9,400,000; $276,471 per unit and $263.90 per square foot. Located walking distance to historic downtown Castle Rock, the property consists of two buildings, three stories each, featuring large, open floorplan two- and three-bedroom units, averaging over 1,050 square feet each – with several units offering private balconies and individual washers/dryers. The on-site amenities include both garage and surface parking, BBQ stations, mature landscaping and onsite laundry facilities. While the property has overseen significant capital improvements over the past few years, there’s still plenty of income potential to renovate the remaining units and bring rents to market rates. Luke Salazar, Senior Advisor, and Robert Lawson and Jim Knowlton, Principals represented both the Buyer and the Seller in the transaction.
“This was a very interesting deal for both parties. The ownership group was interested in selling but had a huge pre-payment penalty that was too large to stomach so a loan assumption was preferred. The buyer saw an opportunity to own one of a few apartment buildings in Castle Rock that is not Class A and is extremely excited about the growth that Castle Rock will continue to see,” said Salazar.
For more information on this sale please contact Luke Salazar at 303-962-9534 or LSalazar@PinnacleREA.com.