Apartments in Colorado Springs Fetch $37M
Atlanta-based Cortland has purchased One330 Apartments, a 149-unit multifamily property in Colorado Springs for $37.1 million. Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets represented the seller, The Garrett Companies from Greenwood, Ind.
“The Colorado Springs multifamily market continues to attract aggressive capital, including institutional equity, compressing cap rates across the board,” said Dan Woodward, executive vice president, CBRE. “The greater metro offers excellent economic drivers with some of the best job growth in the country, several major growth announcements and a significantly smaller new construction pipeline to navigate.”
CBRE reported that U.S. multifamily vacancy fell to 3.6 percent in Q3, down 40 basis points from the prior year and the lowest level since 2000. According to CBRE’s Real Estate Market Outlook 2020 report, Colorado Springs has been identified as one of seven suburban multifamily markets that will likely outperform market averages in 2020.
The 151,412-square-foot property is located at 1330 Kelly Johnson Boulevard, east of Ronald Reagan Highway (I-25) in North Colorado Springs. One330 offers one-, two-, and three-bedroom apartment homes.
“One330 is situated in a well-established area of central Colorado Springs with easy access to I- 25 while offering high-end, Class A amenities to an area starved for new multifamily development. The property closed at final certificate of occupancy, highlighting the desire for high quality, well-located product, while the buyer was able to leverage efficiencies with their market presence,” added Jake Young, first vice president, CBRE.