Apartment Community Achieves Highest Total Sale Price for Colorado Springs
COLORADO SPRINGS — Vue21, a Class-A property in Colorado Springs, has achieved the highest total sale price and highest per-unit price ever achieved in Colorado’s largest city. Ohio-based White Oak Partners, a private real estate investment firm, bought the property for an undisclosed amount.
Located at 4610 Nautilus Peak View, the asset is within the upscale, master-planned Cordera development. A state-of-the-art Community Center, a five-acre Grand Lawn, an underground pedestrian underpass and multiple parks are all features of the development.
ARA, A Newmark Company’s (ARA Newmark) Executive Managing Director Kevin McKenna and Director Saul Levy represented Irvine, CA-based PASSCO Companies, LLC, a nationally recognized real estate investment firm, in the sale to Ohio-based White Oak Partners in its first purchase in Colorado.
“Vue21 is one of the most unique properties in Colorado Springs – a Class A, well-located asset with good demographics, in the path of growth and with immediate rent upside,” said McKenna.“The 2009-built property’s finishes, Formica countertops and black appliance packages, make it a great candidate for a targeted renovation program. However, with floorplans averaging over 1,000 square feet, nine-foot ceilings, and the islands in every unit kitchen, the asset can easily compete with newer assets.”
The property also features spacious walk-in closets, full-size washers and dryers, private balconies, and options of attached or detached garages. Residents enjoy access to luxurious amenities, including a resort- style pool with mountain views, a fire pit, gas barbeque grills, a modern clubhouse, a large fitness center, a guest suite and a dog wash.
“Vue21 is an excellent property in an irreplaceable location,” said Jeff Olshan, senior vice president, Multifamily Investments at PASSCO Companies. “We recognized the potential of the asset when we acquired it nearly five years ago, due to the property’s Class A features and position in a submarket experiencing strong employment and population growth. During our ownership, we strategically increased the value of the asset, and recognized that now was the right time to sell. It has been a pleasure working with ARA Newmark; Kevin and Saul facilitated a smooth transaction and secured a premium, record sale price on our behalf.”
Vue21 is walkable to nearby retail: Target, King Soopers, Lowe’s and Lifetime Fitness. The UCHealth Memorial Hospital North and its $110-million, 134,000-square-foot expansion of Children’s Hospital, set to be completed in 2018, are located across the street from the property. The growth of the health care sector in Colorado Springs has directly resulted in a new, 50,000-square-foot medical office building planned across the street from the property.
Image courtesy of ARA Newmark