Colorado Springs, CO – Colliers International Denver Multifamily Advisory Group sold the Vineyards Apartments, a 300-Unit community built in 2002. The property sold for $55,250,000, making it the third largest apartment sale in Colorado Springs history.
Bill Morkes and Craig Stack of Colliers Multifamily Denver Advisory Group represented the seller, who was the original developer. The buyer was self-represented. “We had tremendous interest in the property and received close to 20 offers from qualified buyers representing local, national and international investors.” stated Morkes. “The strong demand is a testament to the growing interest for and awareness of the Colorado Springs multifamily market.”
“The Vineyards was a really well designed community in a great location and at 14-years old was a prime property for a buyer to perform a light value-add renovation” added Stack. The buyer, a real estate development and investment management company based in California, plans to implement capital improvements in both the common areas and inside individual units.
Both Morkes and Stack commented on the strength of the Colorado Springs market noting low vacancies and growing rents. The two sales that were larger than the Vineyards also occurred this year.
Record Sales in 2016:
- Encore at First and Main – $67,300,000 built in 2013 is the largest overall sale by dollar volume and the highest price per unit at $213,650/unit
- Talon Hill – $56,500,000 built in 2005 is the second largest overall sale by dollar volume and price per unit at $204,710/unit
- The Vineyards – $55,250,000 built in 2002 is the third largest overall sale by dollar volume and price per unit at $184,167/unit
Image courtesy of Colliers Multifamily Denver Advisory Group