Marcus & Millichap and Pinnacle Real Estate Advisors, LLC are pleased to announce the sale of 4255 Airport Rd. in Colorado Springs, CO. The 216-unit apartment building was built in 1973 and sold on December 8th 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.
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For more information on this sale please contact Adam Lewis, Regional Manager, at Adam.Lewis@marcusmillichap.com
For more information on this sale please contact Michael Krebsbach at 303-407-9782 MKrebsbach@PinnacleREA.com . About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
Pinnacle Real Estate Advisors
Pinnacle Real Estate Advisors is a full-service commercial real estate brokerage firm servicing clients globally who own commercial properties in the metro Denver area and throughout Colorado. Our expertise encompasses all commercial real estate property types. We have experienced advisors specializing in apartment building sales and acquisition; retail property sales, leasing and acquisition; office property sales, leasing, tenant representation, and acquisition; and industrial property sales, leasing and acquisition. The Pinnacle Experience™ is a unique approach that is focused on each client’s needs, delivering superior real estate guidance, proven market perspective and unmatched results. Pinnacle Real Estate Advisors combines market expertise with a Full Spectrum Marketing™ campaign that delivers innovative real estate solutions that are client-centric and relationship focused. Since being established in 2006, Pinnacle Real Estate Advisors has closed 2,540+ transactions for a total sales volume of over $3.95 billion. To view a current list of our buildings for sale in Denver, visit: www.pinnaclerea.com/properties.
