Community in Colorado Springs Sells for $13M, Following High Investor Competition

The property was sold above the asking price to a private investor from California.
Vistas at the Citadel, Colorado Springs, Colo.

Vistas at the Citadel, Colorado Springs, Colo.

Colorado Springs, Colo.Transwestern’s Denver Multifamily Investment Services Group has announced the sale of Vistas at the Citadel for approximately $12.7 million, which is above the asking price. A private investor from California purchased the 209-unit community at 3955 E. Bijou St. in Colorado Springs, Colo. Transwestern’s Tom Wanberg and John Blackshire represented the seller, Central Development, in the transaction, the second in a 1031 exchange. The property, which includes seven three-story buildings, generated high interest from investors.

“Prices remain attractive to the majority of buyers compared to other markets and we expect to see continued interest from capital sources as long as vacancy stays low and rental rates continue to surge upwards,” said Blackshire.

The community includes studio, one-, two- and three-bedroom apartments and features two swimming pools, two laundry facilities and a 370-space parking, according to Yardi Matrix. Average rent is $692, while occupancy is 97.1 percent. In 2012, Central Development bought two properties that eventually merged into one, Vistas at the Citadel, for a total of roughly $5.2 million, as illustrated by the same source.

Image courtesy of Transwestern