PINNACLE ANNOUNCES THE SALE OF 16 UNITS IN LONGMONT
Longmont, CO – May 15th, 2020 – Pinnacle Real Estate Advisors, LLC is pleased to announce the sale of 1201 21st Avenue in Longmont, CO. The 16-unit property, built in 1984, sold on May 15th for a contract price of $3,600,000; $225,000 per unit. The property featured (16) 2Bd/1.5Ba townhome style units, each with a 2-car garage. The property, which sold at a record high price per unit in Longmont (under 100 units) despite COVID pandemic challenges, was 100% occupied and had full rent collections at the time of closing. Luke Salazar, Associate Advisor, and Jim Knowlton and Robert Lawson, Principals, represented the Seller in the transaction, and Michael Krebsbach, Senior Advisor, represented the Buyer in the transaction.
“This was a very well-maintained property by a longtime ownership group. Ultimately, they decided it was time to move on from the property. The pandemic arrived mid contract period and we had to work through some challenges. The overall team work between all parties proved to be vital in getting the deal closed,” said Salazar.
For more information, please contact Luke Salazar at 303-962-9534 or Michael Krebsbach at 303-407-9782.
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. In 2019, Pinnacle Real Estate Advisors closed 272 transactions for a total of $608 million. To view a current list of our buildings for sale in Denver, visit: www.pinnaclerea.com/properties.
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