ARA Arranges Sale of Bank-Owned Apartments for $19K Per Unit
- Apr 05, 2010
Colorado Springs, Colo.— Apartment Realty Advisors (ARA) brokered the sale of a 35-unit property located at 3005 Galley Road in Colorado Springs, Colo.
The buyer purchased the property for $671,746, representing a price per unit of $19,193 and a price per square foot of $26.12. The un-named seller was represented by ARA Denver-based Senior Vice President Ken Greene, and Associate Kevin McKenna.
“This asset presented a great opportunity to purchase a well located property at a discount and add substantial value by curing the deferred maintenance and stabilizing the occupancy,” says McKenna. “The buyer was a perfect fit for this transaction given their experience in purchasing similar bank owned properties in Colorado Springs.”
Built in 1969, Circle East Manor Apartments is a 35-unit, interior hall property offering residents spacious one, two, and three-bedroom units. Given its location across the street from the Safeway-anchored Pioneer Plaza shopping center and just one mile from a major regional mall, (The Citadel Mall), Circle East Manor offers numerous retail and employment options for tenants as well as a number of unique on-site amenities, especially for a property built in this timeframe.
Amenities include on-site storage units and a large vacant room on the first floor that could easily be turned into a fitness center or management office. Nine of the thirty-five units have balconies or patios.