Pinnacle Announces the Sale of The Fleur De Lis Apartments
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of Fleur De Lis Apartments, a 32-unit apartment complex built in 1961 for $5,000,000 ($156,250/unit), located at 5275 W 1st Ave, in Lakewood, CO. Jeff Johnson and Andrew Monette, at Pinnacle Real Estate Advisors, LLC, represented the Seller in the transaction, while Josh Newell and Connor Knutson also at Pinnacle Real Estate Advisors, LLC, represented the Buyer.
“Since the acquisition of the property, the Owner of Fleur De Lis Apartments had built up a large amount of equity in the property. In spite of the strong cash flow, the Seller was receiving a relatively low return on their equity. Additionally, with an older property there was a lot of management responsibility and frequent maintenance issues. We were able to identify these issues and promoted a 1031-Exchange for the Owner to trade into a brand new multi-tenant retail asset with far fewer management and maintenance issues,” stated Jeff Johnson, Co-Founder and Principal of Pinnacle Real Estate Advisors. “With vacant retail spaces remaining to be leased up, and below market in-place lease rates, the Owner will be able to continue to add value and achieve excellent cash flow from this trophy retail asset,” stated Andrew Monette, Associate Advisor at Pinnacle Real Estate Advisors.
“The Fleur De Lis Apartments is a great cash flowing asset and the Buyer is well positioned to renovate the units and achieve market rents. We were able to piece this deal together off market and it was the kind of transaction where all parties were satisfied with the results,” stated Connor Knutson, Advisor at Pinnacle Real Estate Advisors.