Affordable HousingBrokerageMultifamily

Hotel in Colorado Springs to be Converted into Affordable Housing

Texas investors SHIR Capital has purchased The Hotel Eleganté in Colorado Springs for $25 million. According to Capital Property Group, the brokerage firm that closed the sale, the 496-room hotel is among the largest in Colorado. SHIR will convert the hotel into affordable housing for entry-level workers.

Capital Property Group Investment Advisor Bryan Rodriguez represented both the buyer and seller in the off-market real estate transaction.

“This transaction demonstrates that Colorado Springs is an attractive option for investment. In addition, it provides a case study for public and private entities to work together in providing creative housing solutions,” said Rodriquez. “I am honored to have served my clients as well as Colorado Springs in such a historical and game-changing moment.”

SHIR will be converting the hotel rooms into 500 apartments over the next two to three years. The apartments, which average 365 square feet, will add a significant number of apartment units in Colorado Springs.

Denver-based Capital Property Group is a commercial brokerage that services the Denver Metro, Colorado Springs, and Oklahoma City areas. CPG’s leadership has a detailed knowledge of all the markets in which it operates and leverages that knowledge to position its clients well throughout the commercial transaction process.

Photo courtesy of Google

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