Apartment Project Sells for $25 Mil

SSR was acting as an advisor to the California State Teachers Retirement System. The buyer is Pinnacle Highline LLS, which has converted more than 15 apartment complexes in Denver and the suburbs into condominiums. It plans to convert the Pinnacle into condos priced from $120,00 to $200,000. The completed value of the condo project is estimated at about $42.5 million.

The project includes a clubhouse, pool, cardiovascular facility and business center. It is less than a mile from the light rail station at Mineral and Santa Fe that opened last year, linking Downtown Denver to southwest suburbs.

"With its proximity to light rail, Littleton schools, the amenities package and very attractive pricing, I believe we have all that a perspective condo purchaser wants," Michael Hilbert, principal of Pinnacle Highline tells GlobeSt.com. "Being next to the Highline canal, with garages for every unit and having such a great location, we believe people who want quality at a value price will be very excited about this property." So far, 26 of the renters have reserved a unit. Jeff Hawks and Doug Andrews of Grubb & Ellis sold the project.

"Latest studies released by the Denver Board of Realtors show that there is a lack of quality housing in the $100,000 to $200,000 range," Hawks tells GlobeSt.com "Condos averaging $400,000 in price may be on the market for a year to 18 months before they are sold. However, there is a lack of condos priced below $200,000. Most units priced in this range sell in 30 to 60 days." Hawks notes that he lives in the area.

"This is a great opportunity for people who have grown up in Littleton to purchase a new property at entry level prices as well as those who want a simplified lifestyle where someone else takes care of the maintenance," he adds.