Pinnacle Announces the Sale of Sky View Apartments
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Sky View Apartments at 2025 & 2033 Jerry Murphy Road, Pueblo, CO 81001. The 228 unit apartment complex was listed for $10,000,000 or $43,860/unit. A great deal of competition was created within the market allowing an offer at $10,260,000 or $45,000/unit with $200,000 of non-refundable earnest money within three weeks of Mutual Execution of Contract (MEC). The buyer closed on the property in as-is condition. This is the third largest apartment complex sale in Pueblo, Colorado history. Michael Krebsbach, Associate Advisor, and Jamie Mitchell, Principal, represented the seller in the transaction.
“The seller repositioned the property over the last two years creating a great deal of value. The buyer was excited that a lot of the heavy lifting had been completed and plans to continue doing further renovations to the property to continue adding value given that the neighborhood has seen a great deal of positive changes over the last few years. They plan to hold the property long term,” stated Michael Krebsbach.