Pinnacle Announces the Sale of 120-Unit Multifamily Property in CO Springs

Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 120-unit multifamily property for $16,550,000 located at 1429 Potter Drive and 3950-3960 Galley Road, Colorado Springs, CO 80909. Mike Krebsbach, Vice President, worked with the seller and buyer in the transaction. “These 2 properties are a part of a larger portfolio sale in process. These transactions have taken incredible teamwork, patience and persistence between seller, buyer, lenders, attorneys, etc. It has taken this strong teamwork and the like to get these across the finish line.

The seller chose to sell because he wanted to start simplifying his life and move on from some of his older vintage properties in need of renovation and stabilization. He has a 1031 exchange lined up and ready to close that is a newer vintage apartment complex.

The buyer chose to buy this portfolio because they saw the strong opportunity to buy a self-managed value add portfolio and be able to renovate the units and then stabilize the properties.

Arroyo apts is a more straightforward deal with more simple cosmetic renovations/stabilization needed. Midtown Flats apts is vacant and Buyer will complete construction/renovations to modernize the property and then stabilize with strong market rents. Win win deal all around,” said Krebsbach.