Stratford Partners has acquired Lookout at Broadmoor Terrace, a 150-unit multifamily property in Colorado Springs, Colo., in an off-market transaction. The company received a $16.5 million financing package arranged by CBRE Capital Markets.
The previous owner invested more than $3 million in renovations to the 1968-built property. Improvements targeted common areas and interior lighting. Stanford plans to introduce further upgrades to the property.
Lookout at Broadmoor is a three-building property that encompasses a mix of studios, one- to three-bedroom apartments and penthouses ranging from 430 to 1,568 square feet. Amenities include a swimming pool, a clubhouse, three laundry facilities, a barbecue area and guest parking.
The community is located at 810-862 Oxford Lane, across the street from several restaurants, bars and cafes. The property is also close to the Pikes Peak Library and the Cheyenne Mountain School.
CBRE’s team that arranged the loan on behalf of the borrower included Scott Peterson, Bill Chiles and Brian Cruz.
Owing to a great number of both completed and underway development projects, as well as to an above-average occupancy rate, Colorado Springs is one of the country’s most promising emerging multifamily markets, a recent Multi-Housing News analysis shows.