COLORADO SPRINGS, CO (July 24, 2015) — In the month of July Unique Apartment Group (UAG) has brokered the sale of two apartments in Colorado Springs totaling 57 units equating to over $2.6M.
1330 Potter Drive, a 41-unit asset, was constructed in 1968 and sold for $41.097 per unit or $1,685,000. The Property is near the intersection of Palmer Park Boulevard and North Academy Boulevard. This location provides easy and quick access to Citadel Mall, Walmart Supercenter, General William Mitchell High and a variety of shops/restaurants. The Property contains a varied unit mix of studios, one bedroom units and two bedroom units.
“The Property was a value add purchase in the continuously improving Colorado Springs submarket” stated UAG broker Jason Koch.
The seller, who owned the Property for two and a half years, was prepared to finance his equity from the sale and search for a larger multifamily investment. The new owner was interested in properties throughout the Colorado Springs submarket where rental rates are continuing to increase. Ownership intends to bring the units up to market conditions with interior renovations.
2613-2619 North Concord Street, a 16-unit complex sold for $59,500 per unit or $952,000. Constructed in 1962, the Property is located on the North Side of Colorado Springs, just two miles from Downtown and walking distance to Penrose Hospital and other various employers. The 12,352 SF asset is comprised of all two bedroom units.
The seller, who owned the Property for over ten years, was prepared to exit the multi-family investment market and took advantage of the current high selling prices. The buyer, interested in the Property’s location, has committed to light interior renovations and raising rents to market prices.