Pinnacle Announces Sale of Off-Market 35-Unit Apartment Building in Greeley
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1009 13th Avenue in Greeley, CO. The 35-unit property, built in 1967, sold on April 28th for a Contract Price of $7,100,000; $202,857.14 per unit and $220.77 per square foot. Located just a mile north of the University of Northern Colorado, the building features oversized apartments with large private patios, updated amenities, on-site modern laundry facilities, fitness center and a brand new indoor/outdoor amenity space. While the property has overseen significant capital improvements over the past couple of years, there’s still plenty of income potential to renovate the remaining units and bring rents to market rates. Charlie Mitelhaus, Associate Advisor and Luke Salazar, Senior Advisor represented the buyer in the transaction.
“The buyer took advantage of an outstanding opportunity to exponentially increase his unit count and he plans to continue to add upside to a strong performing asset in a growing market in Northern Colorado. The buyer is extremely excited about the growth that Greeley will continue to see,” said Mitelhaus.
For more information on this sale please contact Charlie Mitelhaus at 720-638-5405 or firstname.lastname@example.org and Luke Salazar at 303-962-9534 or email@example.com.