Multifamily in Downtown Colorado Springs Trades to Local Buyer
Blue Dot Place, the first for-rent, multifamily product built in downtown Colorado Springs since the 1960s, has sold for $13 million to a local buyer.
The 33-unit multifamily community is located at 412 South Nevada Avenue. Newmark Director Saul Levy and Executive Managing Director Kevin McKenna represented the seller, Darsey Nicklasson and Kathy Loo, in the sale to buyer, Ray, Tim and Brian Rhodes. The property sold for $13 million, or $393,393 per unit.
“The development of Blue Dot Place was a milestone for the resurgence of the downtown Colorado Springs market. With a gap in the development pipeline of 60 years, the property has been a beacon of growth and attracted further development to downtown Colorado Springs,” said Levy.
Blue Dot Place has received and been nominated for several awards including Best Infill Project by Urban Land Institute Colorado in 2016. The community is also featured as a national ULI case study on how to develop for multi-modal transportation.
“We felt an incredible responsibility to select a local buyer with stake in the community for Blue Dot Place, as it was always more than a development project to us. The project was about using residential development to contribute to the revitalization of a community and I think we truly accomplished that,” said Darsey Nicklasson. “We are thrilled to pass the reins to the Rhodes
family and know that they will be stewards of the local Colorado Springs community as we have worked to be.”
“With our family having been in the Colorado Springs area since the 1960s, we were particularly excited to see Darsey and Kathy close the gap in new residential development which has been so long-standing in downtown. It is important for us to continue the legacy of Blue Dot Place and to build on the successful ground work that Darsey and Kathy helped lay for downtown Colorado Springs’ renaissance. We are excited to purchase and take over such an amazing building with such strong community support,” concluded Tim Rhodes.
According to Newmark Research, since 2013, a total of $1.5 billion has been invested or announced for investment in the downtown area, which is now experiencing 68 percent year-over-year investment growth.
Blue Dot Place rents are $2.11 per square foot while new construction suburban communities are achieving rents of approximately $1.75 per square foot — representative of the pent-up demand in downtown Colorado Springs.
Photo courtesy of Newmark