Summit View Inn Sold for $5,005,000
Josh Newell, Principal, and Barton Thompson, Senior Advisor, with the Newell Team at Pinnacle Real Estate Advisors, LLC, announce the sale of the Summit View Inn Motel located at 11800 E Colfax Avenue in Aurora, Colorado. The 95-unit building was built in 1961 and sold on February 14th with a contract price of $5,005,000; $52,684 per unit and $156.16 per square foot.
Newell commented that “Summit View had been marketed by another brokerage firm prior to us taking over the assignment. We decided to advertise the asset in multiple ways in order to attract as much attention as possible. First, we pitched this deal as a potential redevelopment opportunity due to excellent zoning, proximity to Fitzsimons Medical Campus and also because the property sits in an Opportunity Zone. Additionally, we marketed the property to investors looking to execute a simple rehabilitation strategy on the 95 existing motel units. Last, we searched for investors that would potentially be interested in converting the property to apartments. Given that there are no long-term leases at the property and the general nature of this product, it was difficult finding a Buyer who not only had the stomach for this project, but also who had the ability to obtain a loan.”
Newell and Thompson represented the Buyer & Seller in the transaction.