Denver, CO – January 14, 2021 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of Cedar Ridge Apartments in Colorado Springs, CO.
Principals Joe Hornstein, Scott Fetter, & Keith Hardy (NorthPeakCRE) represented both sides in this transaction.
“The Seller was able to realize a substantial profit after owning the asset for nearly two decades and found an alternative investment that does not require active involvement” said Keith Hardy with NorthPeak Commercial Advisors. “The Colorado Springs market has improved tremendously during their ownership timeframe and they were able to capitalize on a hot investment market.
“The Buyer intends to improve management inefficiencies and take the asset to the next level by renovating the units and continuing to improve rental rates” said Joe Hornstein with NorthPeak Commercial Advisors.
For more information on this investment or current market conditions, please contact Keith Hardy at 720-738-1946 or Keith@NorthPeakCRE.com.
SALE HIGHLIGHTS
- Address: Cedar Ridge Apartments | 3349-3363 E. Fountain Blvd, Colorado Springs, CO 80910
- Number of Units: 49
- Property SF: 42,580 SF
- Sale Price: $5,150,000
- Price Per Unit: $105,102
- Price Per SF: $121
- Cap Rate: 3.92%
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