Colorado Springs Apartments Sell for More Than $28M
- Feb 15, 2016
Colorado Springs, Colo.—The Village at Lionstone apartments traded hands for $28.1 million. The buyer was the locally based All Pro Capital, while the seller was California-based Seagate Properties, which has an office in Colorado.
The gated community features 288 one- and two-bedroom units, and was originally developed in the mid-1980s. Seagate undertook various common-area improvements, including adding a new fitness center, clubhouse, in-ground spa, playground, carports and dog run. Other recent improvements were a solar-power heated laundry facility and swimming pool, fire pit and barbecue areas.
Seagate also upgraded unit interiors with 26 units updated with new flooring, lighting and plumbing fixtures and stainless steel appliances. Other features of the community include a business center, game/theater room and views of Pikes Peak. Current occupancy is 94 percent.
The Village at Lionstone is near the intersection of South Academy Blvd. and East Platte Ave. Within walking distance of the property is Murray Square Shopping Center, which includes a grocery store, Pikes Peak Library, and dining and entertainment.
Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of CBRE Denver Multifamily Investment Properties represented the seller. Working with Denver Multifamily Investment Properties, Brady O’Donnell, executive vice president with CBRE’s Debt and Structured Finance, arranged the financing for the buyer.