209-Unit Multifamily in Colorado Springs Sells Above Asking Price for $12.6M
Colorado Springs, CO – Transwestern’s Denver Multifamily Investment Services Group announced the sale of Vistas at the Citadel, a 209-unit community located at 3955 Easy Bijou St. in Colorado Springs. A private investor from California acquired the property for $12.65 million, or $60,526 per unit, as the second transaction in a 1031 exchange. Transwestern’s Tom Wanberg and John Blackshire represented the seller, Central Development, in the disposition.
“This opportunity received a high amount of investor interest for the Colorado Springs market,” said Blackshire. “Prices remain attractive to the majority of buyers compared to other markets, and we expect to see continued interest from capital sources as long as vacancy stays low and rental rates continue to surge upwards.”
Located near the Citadel Mall in Colorado Springs, this multifamily property is located near multiple retail and employment centers. The property includes seven three-story buildings comprised of an assortment of junior apartments and two- and three-bedroom units.
Image courtesy of Transwestern