CO Apartments Command $58M
- Dec 07, 2017
A private investment entity has acquired Vistas at Jackson Creek, a 267-unit luxury apartment building in Monument, Colo., for $57.8 million.
Marcus & Millichap’s Nick Steele, senior associate and Jacob Steele, first vice president of investments, represented the buyer in the transaction.
“Vistas at Jackson Creek is a high-quality, new build, fully amenitized property located in an affluent Colorado Springs suburb. Colorado Springs is one of the strongest apartment markets in the country currently,” Nick Steele told MHN. “My clients were looking for well performing assets up and down the Front Range (Colorado Springs to Fort Collins). Vistas at Jackson Creek offered superior risk-adjusted returns and a strategic location in the northern most Colorado Springs suburb of Monument.”
Vistas at Jackson Creek boasts one-, two- and three-bedroom luxury apartments in 12 three-story walk-up buildings. Each unit features contemporary finishes, granite counter tops and detached garages.
Amenities at the pet-friendly community include a playground, dog wash station, rec center, cyber coffee bar, comprehensive fitness facility and yoga room, and a resort-inspired pool. There’s also views of Pikes Peak and the Rampart Mountain Range.
Originally constructed in two phases in 2014 and 2016, the 14-acre property is located south of downtown Monument off Jackson Creek Parkway, approximately one-half mile east of Interstate 25. The property is nearby the Air Force Academy and I-25, as well as numerous shopping and restaurants.
“Colorado Springs is one of the top-performing apartment markets in the country currently and Northern Colorado Springs, which includes Monument, has some of area’s highest rents,” Steele said. “Vistas at Jackson Creek is positioned to benefit from the continued strength of the Colorado Springs market as well as rapidly growing suburban Denver communities to the north. The asset should prove to be a well-considered investment for our clients for years to come.”