Colorado Springs Portfolio Trades for $102M
- May 30, 2018
Nexus Commercial Realty has facilitated the $102.3 million sale of a seven-property portfolio in Colorado Springs, Colo. The multifamily buildings comprise a total of 1,178 B and C class units. Co-Founders & Principals Adam Riddle and Jason Koch represented the buyer, Slipstream Properties, in the transaction. The HFF team representing the borrower included Director Kristian Lichtenfels and Managing Director Josh Simon.
According to Yardi Matrix data, the seller is Resident Management Systems, a company that has been selling pieces of its portfolio over the last five years. This sale represents the last of the multifamily buildings that they owned and managed in the area. Strong employment growth in the Denver metropolitan area continues to maintain housing demand at high levels, especially for low- and medium-income residents.
“This portfolio is one of the largest multifamily sales of recent record for Colorado Springs (…). The sale of this portfolio took a long time as it had several moving parts to it,” said Riddle, in prepared remarks.
A value-add opportunity
Most of the assets in the portfolio are spread across the Southern and Eastern parts of the city and traded for sums between $30 million and $8 million:
- Pine Creek Village Apartments—$29.2 million
- Shannon Glen Apartments—$17.8 million
- Cedar Creek Club Apartments—$14.3 million
- El Vecino Apartments—$12.3 million
- South Pointe Apartments—$13.4 million
- Timbers Apartments—$7.4 million
- New Horizons Apartments—$8.1 million
With 312 units, Pine Creek Village is the largest property in the portfolio, followed by Shannon Glen Apartments, which features 192 units. Both assets were built in 1974 and are located at 720 Chapman and 260 North Murray Blvd., respectively. The 1971-built Cedar Creek Club Apartments encompasses 175 units and is situated at 1030 South Chelton Road. El Vecino Apartments consists of 174 studios, one- and two-bedroom units and is located at 2713 Arlington Drive. South Pointe Apartments sits at 3815 Lakehurst Drive and includes 162 units. Located 2818 Airport Road and 4975 El Camino Drive, Timbers Apartments and New Horizons both have below 100 units.
Images courtesy of Yardi Matrix
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