Equus Buys Colorado Property for $97M
Berkadia represented the seller in its disposition of the 12-building community.
Equus Investment Partnership XII, an affiliate of Equus Capital Partners, has acquired the Vistas at Jackson Creek multifamily property from Kevin Hearne for $97 million. The 12-building garden-style apartment complex is in Monument, Colo., in the north Colorado Springs region.
The 267-unit Vistas at Jackson Creek, located at 16112 Old Forest Point, offers one-, two- and three-bedroom apartments, ranging from 762 square feet to 1,336 square feet. Individual apartment feature semi-private entries, vaulted ceilings, black appliances, granite countertops, shaker-style cabinets, a chef’s island with undermount sink, pendant lighting, faux-wood flooring, oversized windows, walk-in closets, private patios or balconies and fireplaces in select third-floor apartments. Resident amenities include a fitness center, yoga studio, business center, clubhouse with a coffee bar and gaming area, playground, swimming pool, spa, bark park, outdoor fire pit and barbecue and picnic area.
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Equus noted that Colorado’s Front Range has become a target market for the company. According to The Epicurean Traveler, the Front Range is the easternmost mountain range of the Southern Rocky Mountains in central Colorado and southeastern Wyoming.
“What drew us to Vistas at Jackson Creek Apartments is the asset’s position in the marketplace, its high quality, and the potential to add value through property enhancements and amenities. We are always evaluating new investment opportunities and are keeping an eye on the growing demand for multifamily assets in the area and across the state,” Brant Glomb, senior vice president with Equus, told Multi-Housing News.
Vistas at Jackson Creek is near the I-25 and Baptist Road interchange along Jackson Creek Parkway. The property is about 5 miles north of Colorado Springs and 40 miles south of metropolitan Denver. The multifamily community is across the street from retailers that include Walmart Supercenter, King Soopers, The Home Depot, Kohl’s, PetSmart and Natural Grocers. Major employers within the area include Compassion International, Oracle, DePuy Synthes Companies of Johnson & Johnson, Lockheed Martin, Cherwell Software, United States Air Force Academy, USAA and T. Rowe Price Group.
The property was constructed on 14.1 acres in two phases in 2011 and 2015. Madison Apartment Group, the multifamily operating arm of Equus, will manage Vistas at Jackson Creek.
Nick Steele of Berkadia represented seller Kevin Hearne in the transaction. Glomb and Financial Analyst Alex Keszeli, represented Equus in-house. Jeremy Lynch and Mike Koller of Berkadia assisted Laura Brestelli, senior vice president, with Equus on financing for the acquisition.
This is the first multifamily asset that Equus has acquired in Monument. Equus Investment Partnership XI, an affiliate of the firm, acquired the 322-unit Bucking Horse Apartments, located at 2274 Yearling Drive, in Fort Collins in May 2021.