Pinnacle Announces Sale of 71-Unit Apartment Building Adjacent to Desert Hawk at Pueblo West
Michael Krebsbach, Vice President, and Jamie Mitchell, Principal, at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of Sun Haven Apartments located at 201 S McCulloch Blvd, Pueblo West, Colorado. The 71-unit apartment building was built in 1970, renovated in 2008, and sold on March 1st with a contract price of $5,600,000; $78,875 per unit and $119.15 per square foot. Michael Krebsbach represented the Seller and Jamie Mitchell represented the Buyer.
“My seller saw an opportunity to capitalize on the current market conditions and chose to take an off-market offer we brought to him from a reputable Pueblo apartment owner.
This property comes with a large amount of excess land that can be development, which excited the Buyer to pursue this deal. The seller didn’t have the time or bandwidth to do the development, so he saw a great opportunity to sell Sun Haven and buy single-tenant net-lease properties like we have done previously on other apartment complexes we have sold for him.” Stated Krebsbach
“The buyer intends to look for the highest and best use for this property and considers this a covered land play. There are no immediate re-development plans in place.” Stated Mitchell.