Newmark Knight Frank Closes Colorado Springs Sale

Executive Managing Director Kevin McKenna and Director Saul Levy worked on behalf of seller Watermark Residential.

Watermark on Union. Image courtesy of Newmark Knight Frank

Watermark Residential has sold the 244-unit Watermark on Union in Colorado Springs, Colo., to NALS Apartment Homes. The new owner rebranded the property as Aliso at Briargate. Executive Managing Director Kevin McKenna and Director Saul Levy from Newmark Knight Frank acted on behalf of the seller. The same team closed a similar deal late last year, when the 292-unit Advenir at Spring Canyon in Colorado Springs traded for $69.3 million. 

According to Yardi Matrix data, the seller received $32 million in construction financing from Bank of America in 2017 for the recently completed Class A asset at 9915 N. Union Blvd. Watermark on Union is 2 miles east of Memorial Hospital, which recently completed a $110 million, 170,000-square-foot facility. Built on an 11-acre site, the three-story buildings comprise one-, two- and three-bedroom apartments and common-area amenities such as a pool with cabanas, fitness center and dog park. The property was 65 percent occupied at the time of sale, according to McKenna.

The property is part of the Cordera master-planned community, where home prices average $580,000 and the average household income within a 1-mile radius is $148,000. According to Levy, rents in Colorado Spring have been increasing, which resulted in an annual average rent growth of 8.6 percent in 2019.

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