CBRE has arranged the $35 million sale of Union Heights, a 220-unit community in northeastern Colorado Springs, Colo. Priderock Capital Partners purchased the asset from local seller Griffis/Blessing. Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller in the transaction. The same CBRE team recently brokered the sale of a $12.4 million affordable community on behalf of Platform Investments.
Located at 4770 Nightingale Drive, Union Heights is adjacent to Union Boulevard and Academy Boulevard. The property is very close to major entertainment, employment, education and transportation options, including University Village and the North Academy retail corridor. Completed in 1984, the garden-style community is situated on 9.7 acres of land. The one- and two-bedroom units average 801 square feet. Amenities include partially covered parking, a remodeled clubhouse, fitness center and a pool area with a fire pit.
“Multifamily in Colorado Springs continues to gain investor appeal offering attractive yields with its economic growth and strong market fundamentals. With about 60 percent of the units recently renovated, the property offered stable cash flow going in and the ability to continue the improvements and achieve a solid return on investment,” Young said, in a prepared statement.
According to Yardi Matrix data, Griffis/Blessing paid $22 million for the property back in 2015, when it acquired the 16-building asset from Holland Partners. Since then, the company invested approximately $2.3 million, in both exterior and interior upgrades.
Image courtesy of CBRE
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].