Rare ’90s Apartment Community in Colorado Springs Changes Hands
A 292-unit, 268,396-square-foot apartment community, called Advenir at Spring Canyon, located at 4510 Spring Canyon Heights in Colorado Springs, has sold for an undisclosed price. The buyer, who also was not named, anticipates a community rename along with upcoming renovations.
Newmark Knight Frank (NKF) Executive Managing Director Kevin McKenna and Director Saul Levy provided strategic consulting services to the seller, Advenir, LLC, a real estate investment company headquartered in Aventura, Florida. The undisclosed buyer is new to the Colorado Springs market. Additional transactional assistance was provided by NKF’s Multifamily Capital Markets Debt & Structured Finance Vice Chairman Mitch Clarfield.
“Advenir at Spring Canyon presented investors with an exciting opportunity to acquire a rare 1990s community in the highly desirable west side of Colorado Springs,” explained McKenna. “Due to geographical constraints, high barriers to entry in the west side have resulted in limited supply, with only one market rate multifamily community built in northwest Colorado Springs in the last 20 years. These factors ensured a very competitive bid process for Advenir at Spring Canyon, with several offers on the table.”
The 19-building, two- and three-story multifamily property built in 1997 offers residents the perfect live/work lifestyle with quick access to world class recreation, employment, shopping, restaurants and breweries, with Garden of the Gods less than a mile away. The community is optimally positioned in the West submarket with access to employment hubs and recreational opportunities, creating an optimal live/work/play lifestyle. NKF Research notes the West submarket consistently produces some of the highest rents and lowest vacancies Colorado Springs. In the past five years, rents have grown an impressive 33 percent in the submarket.
“Advenir at Spring Canyon also provides the new owner strong value-add potential,” added Levy. “A successful entry-level renovation program was previously implemented at the apartment community. However, there is ample opportunity to take the current renovations to a higher level, as well as finish out the remaining unrenovated units. In addition to unit upgrades, the new ownership can add additional amenities such as gas fire pits in the pool area, package rooms and a co-working space to make the community even more desirable to residents and increase rents relative to the market.”
Photo courtesy of NKF