Pinnacle Announces Sale of 4-Unit Value-Add Apartment in Colorado Springs
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 2,880 square foot multifamily asset located at 4340 Ericson Dr in Colorado Springs, Colorado. Charlie Mitelhaus, Associate Advisor, and Andrew Monette, Vice President, with the Sandberg|Monette Team at Pinnacle Real Estate Advisors, LLC represented the Seller in the transaction. The 4-unit apartment sold for a contract price of $715,000; $178,750 per unit and $248.26 per square foot.
“After acquiring the building just last fall, our client spared no expense in making numerous capital improvements including replacing all furnaces and water heaters, toilets and the complete rehabilitation of one unit. Following the unit renovation, our client was able to achieve a significant rent increase, proving a successful value-add strategy,” said Charlie Mitelhaus, Associate Advisor at Pinnacle Real Estate Advisors, LLC. “With the three remaining units left to be renovated, the buyer intends to replicate the proven value-add strategy to further increase NOI.”
The sale of the apartment building represents a significant investment opportunity in the thriving Colorado Springs real estate market. The property’s strong rental upside potential made it an attractive investment for the 1031 Exchange Buyer.