Pinnacle Announces the Sale of a 24-Unit Apartment Complex
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 24-unit apt complex for $2,300,000 or $95,833/Unit located at 3014 N Arcadia St in Colorado Springs, Colorado. Michael J. Krebsbach, Senior Advisor, represented the Seller, Arcadia MF CS I & II LLC in the transaction.
Our seller chose to sell the property after they had completed their value-add program. They had done many renovations to the exterior including new windows, staircases, balconies, and painting, and concrete work. In addition, they completed some renovations to the unit interiors which the buyer plans to continue. The Buyer saw the opportunity to continue renovating the units to be able to bring the rents to market and capitalize on further upside the property offers.