Colorado Springs Multifamily Asset Sells for $1,525,000
Colorado Springs, CO — Unique Apartment Group (UAG), multifamily division of Unique Properties, Inc., recently brokered the sale of a 23-unit multifamily asset located at 1726 Clemson Drive in Colorado Springs, Colorado. The property sold for $1,525,000 or $66,304 per unit. UAG represented both the buyer and seller and the transaction closed on August 22, 2016.
1726 Clemson Drive has 17,286 net rentable square feet and a unit mix of six studio units averaging 500 square feet, five 1 bedrooms averaging 625 square feet and twelve 2 bedroom units averaging 860 square feet. Constructed in 1964, the Property consists of three stories. 1726 Clemson Drive is located on the east side of Colorado Springs, blocks from Academy Boulevard North and the Citadel Mall. Prior to the sale, the Seller renovated twelve of the twenty-three units and added new landscaping. The buyer intends to complete the renovations of the remaining units and hold the asset long term. 1726 Clemson Drive was 95% occupied at the time of sale.
Photo courtesy of Unique Properties, Inc.