Pinnacle Announces Sale of Value-Add Multifamily Property In Longmont
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1120 3rd Avenue in Longmont, CO. The 10-unit property, consisting of all 1 Bed/1 Bath units with unique art studio layouts, sold on July 28th for a Contract Price of $1,450,000; $145,000 per unit and $309.96 per square foot. The property, located walking distance to the new South Main Station, Main Street shops, restaurants and entertainment, featured newer windows, siding, gutters and water heaters, with under market rents and immediate upside through renovations and increased rents to market rates. Luke Salazar, Associate Advisor, and Jim Knowlton and Robert Lawson, Principals, represented both the Buyer and the Seller in the transaction.