Pinnacle Real Estate Advisors along with Marcus and Millichap Arranged the Sale of a 216- Unit Apartment Building in Colorado Springs
Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 4255 Airport Rd. in Colorado Springs, Colo.. The 216-unit apartment building was built in 1973 and sold on December 23rd with a contract price of $45,800,000; $212,037 per unit and $276.11 per square foot.
Greg Price and Jason Hornik, investment specialists in Marcus & Millichap’s Denver office, and Michael Krebsbach, Vice President at Pinnacle Real estate Advisors had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Hornik, Price and Krebsbach.
“The Seller and Buyer were a great pleasure to work with and repeat clients of ours. We were able to structure a very good win/win deal for both Buyer and Seller that accomplished everyone’s goals. The Seller had done a great job renovating/stabilizing the asset proving out the value-add upside in which the Buyer intends to continue to further maximize the property’s value potential, “commented Hornik. “This collaboration between Commercial Real Estate offices in a very competitive business is a rare find and shows that we were able to help each other out by sharing an opportunity off market and working together very well to help accomplish our clients’ goals,” Krebsbach asserted.