California buyer acquires Longmont multifamily asset

A multifamily complex in Longmont sold, giving the buyer an opportunity to renovate the property’s 36-year-old units.

A multifamily residential property in Longmont sold for $3.6 million.

The Baum Family purchased the 16-unit apartment complex at 1201 21st Ave. in Longmont from an undisclosed seller. Pinnacle Real Estate Advisor’s Luke Salazar, associate adviser, and Jim Knowlton and Robert Lawson, principals, represented the seller, while Pinnacle’s Michael Krebsbach, senior adviser, represented the California-based buyer. CBRE’s Craig Branton handled the financing.

The property offers 16 two-bedroom town home-style units, each with a two-car garage, central air conditioning and in-unit washer and dryer. It sold for $225,000 per unit, a record-breaking price per unit in Longmont, for properties under 100 units. Krebsbach said the property traded for the exact amount it was originally contracted for.

Krebsbach said the buyer was especially interested in the property’s location as it’s just blocks away from major retailers including King Soopers, Starbucks and UPS. They also were attracted to its 100% occupancy rate.

Built in 1984, Salazar said the property has not had any major renovations but was updated over the years as needed. Krebsbach said the buyer plans to update the units with new interior features, including cabinets, countertops and floors. This is the buyer’s first Colorado apartment property.

According to Salazar, the onset of COVID-19 posed challenges to the sale.

“Due to the uncertainty of everything, there were more checks and balances we had to cover with the lender and buyer,” Salazar said. “We had to extend the closing date multiple times.”

Despite delays, Pinnacle completed the sale May 15, nearly a month after the original set closing date.

Featured in CREJ’s June 3-16, 2020, issue

Jenna Walters recently joined the Colorado Real Estate Journal as a reporter. Jenna covers metro Denver retail and office news, and all property types in Boulder, Larimer and Weld counties. She also covers the finance market. Before joining CREJ, Jenna worked for other publications, including the Northglenn-Thornton Sentinel and Denver Life Magazine. She was born…