Pinnacle Announces the Sale of 16 Units in Longmont
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1201 21st Avenue in Longmont, CO. The 16-unit property, built in 1984, sold on May 15th for a contract price of $3,600,000; $225,000 per unit. The property featured (16) 2Bd/1.5Ba townhome style units, each with a 2-car garage. The property, which sold at a record high price per unit in Longmont (under 100 units) despite COVID pandemic challenges, was 100% occupied and had full rent collections at the time of closing. Luke Salazar, Associate Advisor, and Jim Knowlton and Robert Lawson, Principals, represented the Seller in the transaction, and Michael Krebsbach, Senior Advisor, represented the Buyer in the transaction.
“This was a very well-maintained property by a longtime ownership group. Ultimately, they decided it was time to move on from the property. The pandemic arrived mid contract period and we had to work through some challenges. The overall team work between all parties proved to be vital in getting the deal closed,” said Salazar.