Colorado Springs Apartment Community Sells for $29M
Elevate Apartment Homes in Colorado Springs has sold for $29 million ($151,042 per unit and $186 per square foot). Elevate is a 192-unit apartment community built in 1975 and located at 370 Crestone Lane, located in the southwest part of Colorado Springs – a very hot rental submarket experiencing significant redevelopment and growth.
According to Colliers International, the highly desirable location is a major draw for potential residents seeking proximity to job centers and convenient access to shopping and leisure activities.
The seller Strategic Realty Holdings, a California-based real estate investment company, was represented in the sale by Bill Morkes and Craig Stack of Colliers International. Colliers procured the buyer, Golden Bear Equities, who was self-represented.
“We are thrilled to make this the first of many acquisitions we plan in the Colorado Springs submarket,” said Rob Clark, SVP with Golden Bear Equities.
“After closing one transaction during the pandemic, we anticipated some challenges and delays to the typical marketing and escrow process but knew that pricing and bidding would remain very aggressive,” said Mr. Morkes. “Fortunately the strength of the Colorado Springs market was more than enough to compensate for the unknown.”
“In spite of COVID-19, Colorado has experienced several tail winds that have contributed to the aggressive pricing,” added Mr. Stack. “Regulations in California and New York have pushed new investors to Colorado, and this is the third property we’ve sold in Colorado Springs (and fourth in the Front Range) this year where the buyer was a New-to-Colorado first time buyer.”
“It’s a good transaction when both parties are happy with the end result” added Mr. Morkes. “The seller executed their business plan and the buyer bought a centrally located property in a thriving market, with the opportunity to execute a unit renovation program.”
Photo courtesy of Colliers International