Colliers Closes $29M Colorado Sale

Bill Morkes and Craig Stack represented the seller and procured the buyer of the 192-unit asset.
Elevate Apartment Homes. Image courtesy of Colliers International

Colliers International Multifamily Advisory Group has facilitated the $29 million disposition of Elevate Apartment Homes, a 192-unit community in Colorado Springs, Colo. Vice President Bill Morkes and Senior Vice President Craig Stack worked on behalf of the seller, Strategic Realty Holdings, and procured the buyer, Golden Bear Equities.

The sale involved a $21.8 million Freddie Mac loan originated by Walker & Dunlop, with a maturity date in 2031, according to public records. The deal marks the buyer’s first property in the Colorado Springs submarket, according to Rob Clark, senior vice president at Golden Bear. The asset last changed hands in 2017, for $16.5 million, Yardi Matrix data shows.

The community is situated at 370 Crestone Lane, in the southwestern part of the city, just off Interstate 25. Downtown Colorado Springs is 2 miles away, while the state highway 115 retail corridor is less than a mile east.

Constructed in 1975 on 10 acres, the 12-building property offers a unit mix of studio, one-, two- and three-bedroom floorplans. Apartments range between 506 and 1,079 square feet. Common-area amenities include a fitness center, basketball court, playground and swimming pool.

Roughly a year ago, the same Colliers team brokered the sale of another community in Colorado Springs. Clear Capital acquired the 200-unit asset for $26.1 million.

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