PLC Apartments of Newport Beach, Calif., has made their first Colorado apartment acquisition. PLC purchased The Centre Apartments, a 168-unit apartment community in central Colorado Springs, for $21,900,000 ($130,357/unit).
The seller, Skyline Real Estate Investments, a local partnership, was represented in the sale by Bill Morkes and Craig Stack of Colliers International.
Built in 1952, The Centre Apartments is located at 1921 E Van Buren Street. The attractive park like community features an unusually low density, with just over 15-apartments per acres contrasted with new suburban construction that can often have double that density. The property has seen many upgrades in recent years with the addition of a clubhouse and work out facility. The buyer plans to continue interior unit renovations, taking advantage of the attractive large units.
Colliers International also recently sold the Palmer Park Apartments in Colorado Springs, the sister property to the Centre which sold for the same price per unit.
Photo courtesy of Colliers International
