Nexus Commercial Realty has closed the $8.7 million sale of The Townhouse Apartments, a 54-unit multifamily property in Colorado Spring, Colo. Patrick Knowlton, senior investment advisor at Nexus, represented both seller and buyer.
According to Yardi Matrix, the 88,100-square-foot townhome community was completed in 1965 and includes two- and three-bedroom units. The property previously sold in 2013 for $2.6 million. The current owner plans to remodel the asset and convert the unfinished basement into additional units.
The Townhouse Apartments is located alongside Highway 24, 4 miles east of downtown Colorado Springs at 3125 E. Fountain Blvd. and 1215 Shasta Drive. The property is near Valley Hi Golf Course, Leon Young Sports Complex and a number of parks. The community is within 1 mile of the South Academy Boulevard retail corridor.
Earlier this week, a townhome community in suburban Denver traded for $37.5 million. The new owner funded the sale of the 96-unit, 20-building asset with a $24.4 million Fannie Mae loan.