Oak Coast Properties Grows Colorado Presence

The new owner spent $37.3 million on Cottonwood Terrace and financed the acquisition through a Freddie Mac loan.
Cottonwood Terrace.
Cottonwood Terrace. Image courtesy of JLL

Oak Coast Properties has acquired Cottonwood Terrace in Colorado Springs, Colo., from Peak Capital Partners. The buyer purchased the 200-unit property for $37.3 million and financed the acquisition through a $28.5 million, 12-year, fixed-rate Freddie Mac loan. The asset previously changed hands for $14.8 million in 2011, when Peak Capital purchased it from Griffis/Blessing, according to Yardi Matrix data.  

Located at 2864 Dublin Blvd., the property is some 4 miles from the U.S. Air Force Academy and the 1.2 million-square-foot Chapel Hills Mall, as well as roughly 12 miles from popular hiking trails such as Garden of the Gods, Red Rock Canyon and Broadmoor Seven Falls. Completed in 1983 on an 8.3-acre site, the community consists of one- and two-bedroom apartments, spread across 20 two- and three-story buildings. Common-area amenities include a fitness center, pool and playground.

JLL represented both parties in the transaction, with Managing Director Jordan Robbins, and Directors Mack Nelson and Chris White working on behalf of the seller. Additionally, Senior Managing Director Charles Halladay, Senior Director Brock Yaffe and Director Rick Salinas arranged the acquisition loan for the new owner. At the end of June, Yaffe led the team which secured $27.5 million in financing for two garden-style communities in Rapid City, S.D.