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Colorado Springs Multifamily Asset Sells for $3,040,000

Posted by Unique News Team on February 8, 2017
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Colorado Springs, CO (February 7, 2017) — Greystone Unique Apartment Group, multifamily division of Unique Properties, Inc., Colorado’s most experienced, privately-held, full service commercial real estate brokerage firm, recently brokered the sale of a 43-unit multifamily Property located at 1935 Carmel Drive in Colorado Springs, Colorado. The Property sold for $3,040,000 or $70,697 per unit. Greystone Unique Apartment Group represented the buyer of this off-market transaction, which closed on January 20, 2017.

Constructed in 1966, the Property is a three-story exterior walkup building. 1935 Carmel Drive has 26,436 net rentable square feet and a unit mix of two studio units, thirty-two 1-bedroom units and nine 2-bedroom units. Prior to selling the Property, the seller replaced the roof, windows and partially renovated unit interiors. The Buyer intends to capitalize on recent property improvements by raising rents and holding the Property long term for cash flow.

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