Colorado Springs, CO – October 7, 2021 – NorthPeak Commercial Advisors, LLC is pleased to announce the sale of the Garden Apartments Portfolio in Colorado Springs, CO.
Advisor Hunter Schaefer (NorthPeak Commercial Advisors) represented the Seller and Principals Matt Lewallen and Kevin Calame (NorthPeak Commercial Advisors) represented the Buyer in this transaction.
“This was a uniquely complex affordable housing deal with an in place HAP Contract, mark to market rents, and multiple sites scattered across 4.5 miles. We were happy to deliver a smooth and quiet transaction off market for this Seller who wanted to reposition their investments closer to home.” – Hunter Schaefer, NorthPeak Commercial Advisors.
For more information on this investment or current market conditions, please contact Hunter Schaefer at 925-989-8930 or Hunter@NorthPeakCRE.com.
SALE HIGHLIGHTS
- Property Type: Multifamily
- Closed Date: October 7, 2021
- Number of Properties: 4
- Addresses: 3320 Verde Dr, 905 S Union Blvd, 2551 Cache La Poudre St, 2346 La Salle St, Colorado Springs, CO 80910
- Sale Price: $6,100,000
- Total Number of Units: 85 ($71,765/Unit)
- Total Building SF: 137,848 SF ($44/SF)
- Cap Rate: 6.40%
