CBRE Team to Represent Seller in 2 CO Transactions

Creekside at Palmer Park and Woodland Hills are both located in Colorado Springs. Griffis/Blessing received $99.5 million for the two assets totaling 488 units.
Creekside at Palmer Park
Creekside at Palmer Park

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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