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Apartment Project Sells for $25 Mil

LITTLETON, CO-A local investor and condominium converter pays $25.08 million for the luxury Pinnacle Highline Apartment Community. The price is 40% more than what SSR Realty Advisors paid for it in 1994.

By John Rebchook | Updated on May 08, 2001

LITTLETON, CO-A local investor paid $25.08 million, or $110,000 per unit, for the luxury Pinnacle Highline Apartment Community in this upscale city. The seller, SSR Realty Advisors, purchased the property in 1994 for $78,000 per unit from the developer, Trammell Crow Residential.

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.

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