Pinnacle Announces the Sale of Academy Manor Apartments
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1520-1534 Jamboree Drive, located in northeast Colorado Springs, CO. Academy Manor is a 64-unit apartment building and traded hands for $7,550,000, or almost $118,000 per unit. There were multiple competing offers that caused the property to sell for $50,000 over list price. Erik Toll, Advisor and Michael Krebsbach, Senior Advisor represented the seller and buyer in this transaction.
“Having recently undergone a plethora of capital improvements and renovations, the asset was primed for rent growth and new property management initiatives,” stated Toll. “It was the most vintage property in the seller’s portfolio. It made sense to sell, and dually left plenty of meat on the bone for potential acquirers.”
“The property is located in the northeast quadrant of the Springs, and has a very favorable unit-mix of half 1-bedroom apartments and half 2-bedroom apartments. It’s a very satisfying knowing we helped both the seller and buyer accomplish their goals,” added Krebsbach.