Pinnacle Announces Sale of 4-Unit Value-Add Apartment in Colorado Springs
Posted on May 24, 2023
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 4-unit multifamily asset in Colorado Springs. The 4-unit property sold for a contract price of $550,000; $137,500 per unit. The value-add property consisted of two 2Br/1Ba units and two 3Br/1Ba units. Charlie Mitelhaus, Associate Advisor, and Andrew Monette, Vice President, represented the Seller in the transaction.
“The Buyer plans to improve the property to increase net operating income through renovating the units, adding coin-operated laundry and monetizing the storage rooms. A hyper-motivated, all-cash investor led to this deal closing in just 19 days after only being on the market for only 11 days,” said Mitelhaus.