Pinnacle Announces Sale of 57-Unit Apartment Building in Littleton
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 5579 South Windermere Street located in Littleton, Colorado. The property sold at the list price of $8,950,000. Josh Newell, of the Newell Team, represented the seller in the transaction. Jeff Johnson, with the Johnson Ritter Team, represented the buyer.
“The out-of-state 1031 exchange buyer flew out here and fell in love with the asset as soon as he toured the property and area with us,” stated Newell. “This is one of the only mid-rise properties in the area, so it has great views and a strong presence on South Windermere.”
The 57 unit asset was built in 1972 and had last sold just two years prior for $6,600,000.
“At $157,018 per unit, this sale sets the bar for older, non-renovated product, especially considering that Lynnewood is comprised of mostly one bedroom units,” Newell added.
The building is located just off South Broadway Avenue near Historic Downtown Littleton.
“The property had a large value-add component given the buyer’s extensive experience and strong history in apartment operations,” stated Johnson.