Pinnacle Announces Sale of Colorado Springs Value-Add Portfolio
Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of a 132 unit multifamily portfolio for $15,915,000 located at 1320 Potter Drive (Thirteen 20 Apartments) and 2115 Lelaray Street (Lelaray Apartments) in Colorado Springs, Colorado. Michael Krebsbach, Vice President, Kenny Clarke, Associate Advisor with the Krebsbach Investment Group, and Andrew Monette, Senior Advisor of the Johnson Ritter team assisted both parties of the transaction.
“Among others, the Seller received a compelling offer that allowed for him to sell for a much higher price with better terms. Not only was he able to sell both of his Colorado Springs apartment buildings for a sizeable profit in a short period of time, but in doing so, he was also able to move the equity into 3 passive NNN retail investments that we put under contract prior to closing,” stated Krebsbach.
The Vice President went on to explain, “This rare opportunity gave the Buyer the chance to purchase 132 apartment units in an off-market transaction. In addition to their flexibility with the Seller’s timeline of renovating 11 fire-damaged units, they were also able to close the deal at a stabilized value, even with the added adversity of COVID-impacted financials. They will continue to refurbish the burned units, raise rents to market, and hold for cash flow.”