Apartment Property in Colorado Springs Fetch $11.25M
Capstone has closed the sale of Peak View Apartment Homes, a 77-unit multifamily property located in Southern Colorado Springs, for the sale price of $11,250,000.
Adam Riddle and Jason Koch of Capstone represented the seller, JOHN 321 LLC & Pat Knowlton of Capstone represented the buyer, PRIMROSE PEAK VIEW, LLC.
The asset had been a long-term hold by the current owner that was initially sold to them by Adam Riddle of Capstone. After many years of operating a successful building, the timing was right to sell.
“I approached Adam and discussed my goals of disposing of this asset after many years of ownership. It was a tough decision as we have enjoyed operating this property for many years. With Adam’s guidance and help, we secured five offers to look at and choose from. We are excited for the new owners and to have a bit more free time,” said Lesli Phulwana. The unit mix of three studio units, 62 one-bedroom/one-bathroom units, and 12 two-bedroom/one-bathroom units, are an attractive unit mix for the submarket.
Peak View is conveniently located at 1205 S Chelton Rd, at the intersection of E Fountain Blvd & Chelton Rd. The property is 64,275 square feet and was built in 1970.
The buyers have been active in many western U.S. markets, but this will be their first purchase in Colorado. They have been looking for the right opportunity and this asset checked all the boxes. “We have been working with Pat for almost a year trying to find the right opportunity to enter the market. Peak View was very attractive to us with the value-add potential and the seller-carry nature of the debt. We are pleased to add this to our portfolio and fully overhaul the property” said Chap, head of acquisitions.
“It was a collaborative effort with our Denver and Colorado Springs office,” said Pat Knowlton. “They had a long-term relationship with the seller, and I brought a very active investor to the table. We had many challenges throughout as most deals these days, but we worked through them with a great seller and buyer to a successful closing.”