Buyer Attracted to Value-Add Investment Opportunity in One of the Nation’s Fastest-Growing Markets
CBRE announced today that it recently completed the $35 million sale of the 220-unit Union Heights apartment community located at 4770 Nightingale Drive in Colorado Springs, Colorado. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, Griffis/Blessing of Colorado Springs. The buyer, Priderock Capital Partners of West Palm Beach, Florida, purchased the property in a sale that closed Aug. 13.
“Multifamily in Colorado Springs continues to gain investor appeal offering attractive yields with its economic growth and strong market fundamentals. Union Heights provided an ideal opportunity with a central location in Colorado Springs’ northern submarket, an area seeing promising metrics. With about 60 percent of the units recently renovated, the property offered stable cash flow going in and the ability to continue the improvements and achieve a solid return on investment,” said Jake Young, Vice President, CBRE.
Built in 1984, Union Heights is a garden-style community situated on 9.7 acres. The one and two-bedroom floor plans offer an average size of 813 square feet. Griffis/Blessing invested more than $2.3 million into the property over the past 2-3 years covering both exterior and interior improvements. Community amenities include covered parking options, a remodeled clubhouse, 24-hour fitness center, and large pool area with a fire pit/lounge and unobstructed views of the mountains. The west end of the property opens up to a neighborhood garden and green belt area offering access to Union Boulevard Trail and Union Meadows open space.
Located just off Union Boulevard and Academy Boulevard, Union Heights is a short drive from major entertainment, employment, education and transportation options, including University Village and the North Academy retail corridor.
At the beginning of 2018, a report by the Brookings Institution found Colorado Springs to have the fastest millennial population growth rate in the nation. Just last month, U.S. News & World Report ranked Colorado Springs No.1 on its Most Desirable Places to Live list. In addition, a recent Colorado State Demography Office report forecasted Colorado Springs to overtake Denver as Colorado’s most-populous city by the year 2050.
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 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 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.
