Pinnacle Announces Sale of a 16-Unit Apartment Building in Littleton
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 502 & 582 West Prentice Avenue located in Littleton, Colorado. This multifamily property has 16 units and was built in 1971. The building is located east of Downtown Littleton and sold for $2,045,000 ($127,813/unit; $186.86/square foot). Eric Veith, Joe Hornstein and Scott Fetter of the Hornstein Fetter Apartment Group represented the buyer in the transaction.
“The buyer was looking for a mid-sized apartment asset that he could reposition and add value to,” according to Veith. “The sellers were long-term owners that had kept good care of the property, but left plenty of room for the seller to improve rents. In the end, it was a perfect fit for the buyer, as he will be well-positioned to step in and start improving the performance very quickly.”