CBRE Group, Inc., announced today on behalf of Seagate Colorado Partners, the sale of the Village at Lionstone apartment complex for $28.1 million. The multifamily property is located at 255 Lionstone Drive in the Southeast submarket of Colorado Springs. The gated community features 288 one- and two-bedroom units. Dan Woodward, Dave Potarf, Matt Barnett and Jake Young of CBRE Denver Multifamily Investment Properties represented the seller, Seagate. The buyer was All Pro Capital of Colorado Springs. The property sale closed Jan. 4, 2016.
“All Pro Capital’s purchase of the Village at Lionstone will continue our expansion within a strong apartment market,” said Brian Bahr, president of All Pro Capital. “This $28.1 million acquisition provides our investors the benefit of participating in a large, income-producing asset that wouldn’t otherwise be available to small investors. It fits our investment objectives and will deliver a great return. We were also glad to continue our relationship with the manager, Griffis Blessing, who has done great work for us in the past. This was our first transaction with CBRE. Their expertise and professionalism were invaluable, and we look forward to working with them on future projects as well.”
“The Village at Lionstone presented an excellent value-add opportunity from an investment standpoint,” said Jake Young, senior associate, CBRE Denver Multifamily Investment Properties. “The community offers open floor plans, generous amenities and a convenient location with access to major thoroughfares including Powers Boulevard, Academy Boulevard and I-25.”
Working with Denver Multifamily Investment Properties, Brady O’Donnell, executive vice president with CBRE’s Debt and Structured Finance, arranged the financing for the buyer.
Built in 1984, recent common area capital improvements added by Seagate included a new fitness center, clubhouse, in-ground spa, playground, carports and dog run as well as a renovated, solar-power heated laundry facility and swimming pool, fire pit and BBQ areas. Seagate also upgraded unit interiors with 26 units updated with new flooring, lighting and plumbing fixtures and stainless steel appliances. Other features of the community include a business center, game/theater room and views of Pikes Peak. Current occupancy is 94 percent.
The Village at Lionstone is located near the intersection of South Academy Boulevard and East Platte Avenue. Murray Square Shopping Center is within walking distance and includes a grocery store, Pikes Peak Library and other dining and entertainment options. Citadel Mall, Citadel Crossing, and the Colorado Springs airport are a short drive away. University of Colorado-Colorado Springs and Pikes Peak Community College are both accessible within 15 minutes.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
