192-Unit Apartment Community in Colorado Springs Sells for $16.4M
Colorado Springs, CO – A 192-Unit apartment community in Colorado Springs recently sold for $16,460,000 ($85,729/unit and $106/sf), a price that’s reflective of current market conditions in Colorado Springs.
Crest View Apartments located at 370 Crestone Lane, was built in 1975. The buyer reportedly has plans to carry out extensive renovations and a rebranding for the property.
Bill Morkes and Craig Stack of Colliers International Multifamily Advisory Group represented the seller — Texas-based Investment Group — during the transaction, while the buyer was self-represented.
According to Morkes, the sale price is right in-line with the current market conditions in Colorado Springs. “Rents and pricing have seen significant growth over the last few years, but nothing as substantial as the Denver MSA,” said Morkes, “New construction has been much more moderate in Colorado Springs versus the Denver MSA, but Colorado Springs has seen a recent increase in the development pipeline.”
Overall, experts still expect the Springs to have strong fundamentals going forward. According to E.G. ApartmentList.com Colorado Springs is ranked 8th in the U.S for rental growth.
Image courtesy of Colliers International.