Benedict Canyon Equities, a California multifamily real estate investment company, recently purchased Pines at Broadmoor Bluffs, a townhome-style rental community in Colorado Springs, for $49 million, according to property records.
Built in 1987, The Pines at Broadmoor Bluffs has 108 apartment homes across 26 buildings. The community has one garage per unit and large, two- and three-bedroom floor plans averaging over 1,100 sq. ft.
Kevin McKenna, Saul Levy, Mackenzie Walker and Jessica Graham with CBRE Capital Markets represented the seller, Griffis/Blessing.
Griffis purchased The Pines at Broadmoor Bluffs for $20.3 million in 2015 and invested more than $2.8 million in capital improvements for the property over the past three years. One-third of the homes have undergone full interior renovations.
Located at 5 Watch Hill Dr., the community sits at the base of Cheyenne Mountain, 10 minutes from The Broadmoor hotel, and five miles southwest of downtown Colorado Springs. The surrounding area primarily consists of single-family homes and protected open space, leaving little land for future development and creating high barriers to entry. Only 125 market-rate rental units have been delivered in Colorado Springs’ Southwest submarket in the past 20 years.
“The multifamily market in Colorado Springs has proved to be exceptionally resilient throughout the COVID-19 pandemic in part due to the area’s recession-resistant industries, high quality of life, and relatively low cost of living,” said Kevin McKenna, executive vice president, CBRE.
