Pinnacle Announces Sale of 39 Unit Apartment Building in Colorado Springs
Michael Krebsbach, Vice President, and Kenny Clarke, Associate Advisor at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of Brookside Apartments located at 418-432 E Brookside St., Colorado Springs, Colorado. The 39-unit apartment building was built in 1955 and sold on May 20th with a contract price of $6,630,000; $170,000 per unit and $345.35 per square foot. Michael Krebsbach and Kenny Clarke represented the Buyer.
“Our buyers were eager to take on another asset in the Springs market. We were able to secure the opportunity off-market, cooperating with another broker and firm. With the ongoing volatility of the debt markets, there was no shortage of obstacles getting to closing. We were able to leverage our broker and lender relationships into favorable financing. The buyers are excited to continue adding value to the property by continuing to renovate units and increasing curb appeal. The location will prove to be lucrative in the long term and the buyers are looking forward to owning the asset for several years.” Stated Krebsbach and Clarke.