Pinnacle Announces Sale of 57-Unit Multifamily Property in the Springs
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 57 unit multifamily property for $8,500,000 located at 3209 & 3211 E Fountain Blvd, Colorado Springs, CO 80910. Mike Krebsbach, Vice President, and Kenny Clarke, Associate Advisor, worked with the seller and the buyer on this transaction.
Mike Krebsbach stated, “I helped the sellers of Fountain Terrace buy this property 9 years ago back when the market was quiet, sales activity was slim and prices were low. They reached out to me to sell this year as they were ready to exit. The buyer is Denver based and growing his portfolio in Colorado Springs.
The buyer plans to renovate the units, common areas, do some exterior cosmetic updates and raise rents to market.
We were able to successfully navigate through multiple offers and choose the correct buyer that got the deal done without issues. They worked with a reliable local credit union that offered very competitive terms in which they honored. The debt markets have been very volatile this year so choosing the right buyer and lender is critical. “