CBRE Arranges Two Multifamily Sales Totaling $99.5M in CO Springs
COLORADO SPRINGS — CBRE recently arranged the sales of two apartment communities in Colorado Springs; Woodland Hills and Creekside at Palmer Park. Woodland Hills sold for $27 million and Creekside at Palmer Park sold for $72.5 million, representing Colorado Springs’ largest single-property multifamily sale this year by number of units (328).
The CBRE team representing the seller included David Potarf, Dan Woodward, Jake Young and Matthew Barnett. The buyers were Priderock Capital Partners of West Palm Beach, Florida (Woodland Hills) and Buchanan Street Partners of Newport Beach, California (Creekside at Palmer Park). Both sales, which were executed separately with separate buyers, closed Friday, Dec. 7.
“Woodland Hills was attractive to investors because it provided stable incoming cash flow along with the potential to add value through continued renovations. Griffis/Blessing has maintained the property extremely well, and both the property and surrounding area have seen strong recent leasing activity. Woodland Hills also offers a great location in northern Colorado Springs with incredible mountain views and excellent visibility along both Union Boulevard and Woodmen Road,” said Jake Young, First Vice President with CBRE Capital Markets.
Built in 1984, Woodland Hills consists of 160 apartment homes across seven rental buildings on 9.72 acres, including one and two-bedroom floor plans. Prior to the sale, Griffis/Blessing invested over $2 million on recent capital improvements, including a remodeled pool/spa/barbecue area, upgraded clubhouse/sauna/fitness center, improved parking lot, new landscaping, enhanced security systems and window replacements. In addition to community amenities, the seller began a unit renovation program. To date, 14 units have been fully renovated, including upgrades to flooring, appliances, hardware/fixtures and lighting as well as resurfaced countertops.
Creekside at Palmer Park apartments, located at 1350 Cascade Creek View in Colorado Springs, is comprised of 328 apartment homes, the deal marks Colorado Springs’ largest single-property multifamily sale this year by number of units.
“We saw incredible interest for Creekside at Palmer Park. The property has been owned by Griffis/Blessing since they developed it in 2003 with a focus on high-quality amenities, extensive attention to detail and large, almost 1,000-sq.-ft. average units. There is very little product of this vintage or newer in the surrounding area, and the location offers convenient access to quality employers and abundant retail offerings. The property is in excellent condition yet well-positioned for a value-add strategy,” said Jake Young, first vice president with CBRE Capital Markets.
Creekside at Palmer Park includes 16 rental buildings totaling 325,700 rentable sq. ft. on 19.71 acres. Community amenities include a clubhouse/business center, fitness center, game room, swimming pool, hot tub and outdoor fire pit/lounge area. Prior to its sale, Griffis/Blessing completed renovations on approximately 20 percent of the units, including upgrades to appliances and fixtures.