Pinnacle Announces Sale of Multifamily Property in Longmont
Luke Salazar, Vice President, Robert Lawson, Principal, and Jim Knowlton, Owner/Principal, with the Knowlton Lawson Team at Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 728 Baker Street in Longmont, CO. The 10-unit property, located close to downtown Longmont, sold on September 15th for a Contract Price of $1,725,000; $172,500 per unit. The property, consisting of (10) 2Br/2Ba units, featured a brand-new roof, ample parking and storage, and in-unit washers and dryers. Seven of the ten units were on month-to-month leases and offered rental upside to the Buyer through increasing rents to market rents.
“This was a seller financed transaction that offered our buyer the opportunity to avoid the difficult debt environment and allowed the seller to continue to yield an ongoing income stream amongst other seller carry benefits so it is a win-win solution in today’s market,” said Salazar.