Aviator, a 147-unit apartment home community in Colorado Springs, has sold to Life Bridge Capital for $30.6 million.
Kevin McKenna, Saul Levy, Mackenzie Walker and Jessica Graham with CBRE’s Colorado multifamily investment sales team represented the seller, an affiliate of Crossbeam Capital.
Aviator comprises five, 2.5-story buildings on nearly five acres. Most of the apartment homes are either. two-bedroom or three-bedroom floorplans with an average unit size of 892 sq. ft. The community features a 24-hour fitness center, business center, pool, playground, pet park and sun lounge deck.
The property, located at 1670 N. Murray Blvd, sits near downtown Colorado Springs, the Powers and the Aviation corridors and new regional distribution facilities that are slated to employ over 5,500 workers.
Originally constructed in 1971, the seller invested more than $3.4 million in recent improvements, including a completely renovated clubhouse, roof replacements, new balcony railings, exterior paint, replumbed boiler supply, updated HVAC, a new parking lot and landscaping upgrades. In addition, all unit interiors have been renovated with vinyl flooring, black appliances, sprayed countertops, brushed nickel fixtures and new cabinet hardware.
“With significant capital improvements already made, investors were attracted to the turnkey nature of these apartment homes, especially amid record levels of renter demand,” said Mr. Levy.
The U.S. multifamily market set an annual net absorption record of 617,500 units in 2021, according to CBRE research. Record annual investment volume of $335.3 billion in 2021 was nearly double 2019’s previous record $193.1 billion.
Photo courtesy of CBRE
