DENVER — Slipstream Properties, an experienced apartment ownership group that has purchased and renovated more than 1,000 apartment residences in the Denver Metro Area, has bought seven apartment complexes in Colorado Springs totaling 1,178 units, for $102.25 million.
HFF brokers Kristian Lichtenfels and managing director Josh Simon worked exclusively on behalf of Slipstream. The total loan commitment is equal to 79 percent of the anticipated total project costs, including future funding to renovate the entire portfolio. In addition, the team arranged Slipstream’s joint venture equity partner for the investment. Slipstream acquired the portfolio on May 24thfor a combined purchase price of $102.25 million dollars.
The properties included in this transaction are: Pine Creek Village at 720 Chapman Drive (312 units); Shannon Glen at 260 N. Murray Boulevard (192 units); Cedar Creek at 1030 S. Chelton Boulevard (175 units); El Vecino Apartments at 1806 Monterey Road (174 units); South Pointe Apartments at 3815 Lakehurst Drive (162 units); Timbers Apartments at 2818 Airport Road (84 units); and New Horizon Apartments at 4975 El Camino Drive (79 units). The communities feature a mix of studio, one- and two-bedroom units.
Each of the properties are convenient to major employment drivers, including the Colorado Springs Airport, The Broadmoor, downtown Colorado Springs and other major retail and entertainment centers.
“Slipstream purchased these properties fully aware of the challenges that exist, and they see it as an opportunity to make the apartments a place where residents can enjoy a quality residential environment at a reasonable price,” said Adam Riddle of Nexus Commercial Realty on behalf of Slipstream. “These properties are positioned for a renovation over the next several years and this is the right team with the right experience for such a large undertaking.”
The property manager, Colorado Springs Apartment Management, will be working with existing residents and employees to ensure a smooth transition from the former owner and management company. It hopes to employ as many of the former management company’s employees as possible and plans to expand the staff.
Image courtesy of Apartments.com
