CBRE has brokered the sale of Creekside at Palmer Park and Woodland Hills, two apartment communities totaling 488 units and located in Colorado Springs. The team representing Griffis/Blessing included David Potarf, Dan Woodward, Jake Young and Matthew Barnett. Earlier this year, the same team worked on behalf of the same owner in the $35 million transaction of Union Heights, a 220-unit community also in Colorado Springs.
Buchanan Street Partners acquired Creekside at Palmer Park Apartments for $72.5 million. The asset located at 1350 Cascade Creek View encompasses 328 units across 16 buildings totaling 325,700 rentable square feet. Completed in 2003, the one-, two- and three-bedroom units range from 785 to 1,300 square feet and include washer/dryers. Prior to the sale, owner and property developer Griffis/Blessing completed renovations on approximately 20 percent of the units.
Priderock Capital Partners purchased Woodland Hills Apartments for $27 million. Completed in 1984, the asset includes 160 units across seven buildings on 9.72 acres. The one- and two-bedroom floor plans average 921 square feet. Located at 2880 Woodland Hills Drive, Woodland Hills is within 3 minutes of Woodmen Plaza and 10 miles north of downtown Colorado Springs. Prior to the sale, the previous owner invested more than $2 million on capital improvements, including a remodeled pool, upgraded clubhouse, sauna and fitness center, improved parking lot, new landscaping, window replacements and 14 renovated units.
Image courtesy of CBRE
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