Pinnacle Announces the Sale of Courtyard Estates in Colorado Springs
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Courtyard Estates at 4330-4390 East Pikes Peak Avenue located in Colorado Springs, CO. The 176 unit multifamily building sold for $11,365,000 or $64,574 per unit. Tom Ethington and Rob Edwards, Principals, and Mike Krebsbach, Associate Advisor, represented the local seller in the transaction.
“The seller had owned the property for over 20 years and was excited to 1031 exchange into more passive investments. The buyer is an experienced value-add operator and has a great vision for the property,” said Ethington. “This transaction was a win-win for both the buyer and seller.”
“Our seller had received unsolicited offers well below the property’s actual value. We advised our seller to list the property for sale with us and allow us to get the property out to the open market. By doing this, we were able to create competition amongst the buyers and attain an offer that closed $1,365,000 over the unsolicited offers they received,” said Krebsbach.