Pinnacle Announces Sale of 22-Unit Apartment Complex in Longmont
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1013 Main Street, located in Longmont, Colorado. This multifamily property has 22 units and was built in 1966. The property was unique in the fact that it was one of the lowest price per unit apartment deals on the market at $67,954 per unit and $155 per square foot. The building is just blocks away from Historical Downtown Longmont, an area that is quickly improving. Scott Fetter with the Hornstein│Fetter Apartment Group and Jim Knowlton with the Knowlton│Lawson Team represented both the seller and the buyer in this transaction.
“This was a tricky transaction,” recalls Fetter, “as the asset has significant potential but required a unique operator to make it work. I think the buyer is the perfect fit and he should do very well with his purchase. The seller will complete a 1031 Exchange into a more centrally located property.”