Oak Coast Properties Buys Apartment Community in Colorado Springs for $37M, Planning Renovation
Cottonwood Terrace, a 200-unit apartment community located in Colorado Springs, has been sold to Oak Coast Properties for $37.25 million. The firm is planning a $1.5 million renovation to the community as part of a value-add investment strategy aimed at the vast number of millennials moving into the region and looking for …
Short-Term Rental Community in Denver Sells for $1.9M
4000-4010 West Conejos Place, a 4,900-square-foot multifamily property in Denver, has sold for $1.9 million. The sale signals a growing trend in short-term rental property investment. Robert Bratley with CBRE’s Denver office represented the seller, a private local investor, in a sale that closed July 17. “4000-4010 West Conejos Place has a lodging …
July Apartment Market Shows Continued Impact of COVID-19 Outbreak
Apartment market conditions weakened in the National Multifamily Housing Council’s Quarterly Survey of Apartment Market Conditions for July 2020, as the industry continues to cope with the ongoing COVID-19 pandemic. The Market Tightness, Sales Volume and Equity Financing indexes all came in well below the breakeven level. However, in a positive …
New Report Predicts Growing Shift from Urban to Suburban
Cushman & Wakefield recently released a report and complementing article on the growing shift to the suburbs, as COVID-19 changes the way people live. Per this insight, the discussion about office real estate has shifted from strictly urban to a broader range of alternatives including the suburbs. While it’s unlikely that occupiers …
Colorado Springs 2nd Best U.S. Destination for Remote Work this Summer
Working from home is here to stay, at least for the foreseeable future, but some people are tired of feeling cooped up in their apartments and could use a change of scenery. According to RENTCafé, Colorado Springs is the 2nd best travel destination for remote work in the U.S., based on …
Capitol Hill Multifamily Property Sells in All-Cash Transaction
CBRE has arranged the $1.145 million sale of 1159 Corona Street, a 3,724-square-foot multifamily property in Denver. Robert Bratley with the Denver office represented the buyer, a private local investor, who plans to fully renovate the building. “Denver’s multifamily market remains strong, but cash is still king as evident by this all-cash …
Denver Rents Decline 1.4% in April and May
The COVID-19 pandemic has ended years of healthy multifamily fundamentals. Demand has weakened, and renters are increasingly looking for more inexpensive stock. After nearly a decade of solid growth, multifamily asking rents dropped 0.4 percent nationally in April and May, with twice as many metros seeing rents decline (71) as …
Sophisticated LoHi Condominium Project Complete
Construction is now complete and homes are available for move-in at The Edge LoHi, Alpine Investments‘ chic neighborhood’s premiere upscale condominium project. Residents began moving in last month, and the sales team for the high-end new development, Slate Real Estate Advisors, has released the limited final inventory onto the market with pricing …
Sale of 7-Unit Capitol Hill Mansion Announced
Pinnacle Real Estate Advisors, LLC announced the sale of a 4,871 square foot, 7-unit converted Capitol Hill mansion for $1,350,000 located at 1218 Clarkson St in Denver, Colorado. Andrew Monette, Senior Advisor, represented the seller, Wash Clark Apartments, LLC in the transaction. “This investment has remained stable and withstood the recent …
Five-Story Residential Project Under Construction in RiNo
Developer Zakhem Real Estate Group is currently constructing a five-story residential project at the northwest corner of Marion and E. 37th Avenue, in the developing RiNo Arts District. Consisting of 48 apartment homes and six for-sale townhomes fronting the street, the project will provide an exciting and unique opportunity to rent or …