Colorado Springs, CO — ARA, A Newmark Company (ARA Newmark) recently announced the sale of The Lookout on Cragmor, a 71-unit, 157-bed student housing asset adjacent to the University of Colorado’s Colorado Springs (UCCS) campus. The sale is the first ever arm’s-length trade of a purpose-built student housing deal in the Colorado Springs market.
Director Saul Levy and Executive Managing Director Kevin McKenna, working alongside Executive Managing Director Ryan Lang of the ARA Newmark Student Housing team, represented Kansas-based Newsome Development, a boutique real estate development and investment firm in the sale.
Atlanta-based student housing asset owner/operator, Student Quarters, acquired the property, marking their entry into the Colorado market.
“The Lookout on Cragmor is a rare, first-of-its-kind investment opportunity in the booming Colorado Springs market. Purpose-built student housing has only been available in Colorado Springs since 2013, and this is the first property of its kind that has become available on the open market for trade,” noted Levy. “The asset is practically on the UCCS campus, the fastest-growing university in the state in terms of new facilities and enrollment, which is up 60 percent since 2005. With the backing of the University of Colorado’s $1.22 billion endowment, UCCS is becoming an established regional force in higher education as the only university in the southern half of the state with more than 10,000 students.”
Having added 1.1 million square feet of new or renovated space to campus since 2010, and anticipating an additional $150 million in facilities by 2020, the university’s exponential growth is not slowing. Located at 10 Cragmor Village Road, The Lookout on Cragmor is within walking-distance to UCCS’ core-campus facilities, such as the University Library and Dwire Hall, which houses the colleges of Business Administration, Sports Management, and Languages and Cultures. The property was delivered at the start of the 2016/2017 school year and boasts Class A-equivalent finishes such as granite countertops, stainless steel appliances, nine-foot ceilings, full-size front-loading washers and dryers and Aquatherm heating and cooling.
Image courtesy of ARA Newmark.