Josh Newell, Owner/Principal at Pinnacle Real Estate Advisors, and Chris Knowlton, Vice President with the Knowlton Lawson Team at Pinnacle Real Estate Advisors, LLC, are pleased to announce the sale of Elati Park Apartments located at 497 W. Powers Avenue and 5570 S. Elati Street in Littleton, CO.

“Rents at Elati Park were more than 30% below market, partially due to the dated interiors,” said Newell. “To close on an unrenovated property at an actual CAP rate below 4% is something I haven’t seen in about two years, making this a very favorable result for the Seller.”

The two adjacent 6-unit apartment buildings, constructed in 1961 and 1963, sold on September 2nd for a combined contract price of $1,750,000 – equating to $145,833 per unit and $204.53 per square foot.

“The Buyer is excited about the long-term potential of this asset. Acquiring the property at $145,000 per unit—the lowest price-per-unit sale for predominantly two-bedroom units in this submarket in the past 4-5 years —positions my client with a strong value play and insulation against potential rent softening in the future,” said Knowlton.