Advenir Sells Colorado Springs Property for $69M

Advenir at Spring Canyon

Advenir has sold the 292-unit Advenir at Spring Canyon in Colorado Springs, Colo. According to Yardi Matrix data, Benedict Canyon Equities spent $69.3 million for the community, while Newmark Knight Frank originated a $48.2 million, 10-year Freddie Mac acquisition loan. The buyer will rebrand the property as Artemis at Spring Canyon and selected Greystar to provide management services.

Located at 4510 Spring Canyon Heights, the property is within walking distance from several retail and dining options, while both Interstate 25 and Garden of The Gods are roughly 2 miles away. According to NKF Executive Managing Director Kevin McKenna, only one multifamily property was constructed in the past 20 years in northwest Colorado Springs, due to high entry barriers caused by geographical constraints.

Completed in 1997 on a 14.7-acre site, the community previously underwent a renovation program. The new owner could finish out the remaining unrenovated units, as well as add amenities such as gas fire pits in the pool area, package rooms and a coworking space. The 19-building property comprises a mix of one-, two- and three-bedroom apartments and includes common-area amenities such as a pool with an oversized deck, clubhouse, fitness center, hot tub, business center and dog park. As of October, the community was 94.2 percent occupied, per Yardi Matrix information.

McKenna, together with NKF Director Saul Levy, represented the seller, while Vice Chairman Mitch Clarfield arranged the financing. In September, a different team from the brokerage firm closed the sale of Vernazza, a 256-unit, Class A community in Kissimmee, Fla.