Cortland Pays $37M for Colorado Community

The developer of the 149-unit, Class A multifamily asset traded the property upon completion.
One330 Apartments. Image courtesy of CBRE

The Garrett Cos. has sold One330, a newly completed 149-unit community in Colorado Springs, Colo., to Cortland. The Class A development changed hands upon issuance of the property’s certificate of occupancy. CBRE Capital Markets acted on behalf of the seller.

Garrett broke ground on the project in mid-2018, according to Yardi Matrix data, with $17.6 million in construction financing provided by Associated Bank. Humphreys & Partners served as architect. 

One330 has a mix of one-, two- and three-bedroom units, with floorplans ranging from 796 to 1,292 square feet. Community amenities include a business center, a fitness center, a dog park, garage spaces and a swimming pool. Yardi Matrix shows the property was 68 percent pre-leased as of December.

Located at 1330 Kelly Johnson Blvd. in Colorado Springs’ Briargate/West Norwood submarket, the property is alongside Interstate 25, less than 5 miles southeast of the United States Air Force Academy’s campus. Downtown Colorado Springs is approximately 10 miles south.

Cortland has made a number of notable investments in several key secondary markets over the past 12 months. The investor’s largest deal of the year closed in September, with the $1.2 billion all-cash acquisition of a multifamily REIT.