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Sapphire Apartments Sells for $2,950,00

Posted by Unique News Team on March 2, 2016
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Sapphire

Colorado Springs, CO (March 2, 2016) — Unique Apartment Group (UAG), multifamily division of Unique Properties, Inc., Colorado’s most experienced, privately held, full-service commercial real estate brokerage firm, recently brokered the transaction of a 42-unit multifamily asset located at 3341 East Fountain Boulevard in Colorado Springs, Colorado. The Property sold for $2,950,000 or $70,238 per unit and closed on February 26, 2016. Unique Apartment Group represented both sides of the transaction.

Built in 1968, the Seller completed a total rehab project on the Property prior to marketing the asset. Sapphire Apartments consists of a unit mix of thirty-five (35) one-bedroom units and seven (7) two-bedroom units. Unit upgrades included new flooring, cabinets, countertops, appliances, and bathrooms. Additional property improvements include new windows, new roofing, solar powered heat and electric systems.

“This is the first building UAG has sold where the heat and electric are not expenses to the owner,” stated Ryan Floyd, Senior Broker at Unique Properties. “In fact, there is actual income. The panels will use as much solar energy as available before firing any of the boilers.” he concluded.

The new owner intends to capitalize on these upgrades and plans to hold for long term cash flow. The Property was 95% occupied at time of sale.

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