Columbine West Apartments, a 16-unit, single-story apartment community located in Pueblo West, Colorado has sold for $2.2 million, or approximately $137,500 per unit. The Southern Colorado asset located at 1010-1016 E Mallon Dr was acquired by Denver-based Columbine West Apartments. The seller was S & J Rental Properties, Inc.
Lee Wagner, Jeff Dimmen and Nic Polaski of Cushman & Wakefield’s Multifamily Investment Services team in Colorado Springs represented the seller and Lee Wagner represented the buyer in the transaction.
“Columbine West Apartments is a well-maintained multifamily community in the heart of Pueblo West featuring a total of 16 units across four single-level buildings—each building with three spacious 2-bedroom and 1-bathroom units, and one 1-bedroom and 1-bathroom unit,” said Director Lee Wagner. “The asset is well positioned to capitalize on the limited supply of apartments, rent growth, and high rental demand in this desirable market.”
“The Pueblo region maintains good multifamily fundamentals, while investors and developers have shown greater interest in the region in recent years. In Pueblo West, there is currently a limited supply of apartment units which is anticipated to continue as the city is expected to limit new construction into the foreseeable future,” Wagner continued.
According to the Pueblo West Chamber of Commerce, Pueblo West is a growing community with over 30,000 residents and over 700 businesses. The cost of living is also among the best in the nation. The community offers convenient access to Highway 50, large acreage land development, and access to labor.
The Colorado Springs office consists of four leading brokers in the community: Pat Knowlton, Jeff Dimmen, Lee Wagner & Nic Polaski. The team’s expertise lies in investment sales and valuation. By understanding and addressing the broader issues in today’s marketplace, they provide superior advice to empower their clients to make the best investment decisions. The team not only covers the entire Colorado region but also New Mexico areas including Santa Fe & Albuquerque.