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Old Today, 05:36 AM
Location: Colorado Springs
4,417 posts, read 4,467,133 times
Reputation: 15630


Two Colorado Springs apartment complexes sell for a combined $100 million


"Out-of-state buyers anted up nearly $100 million last week for a pair of Colorado Springs apartment complexes as investors continue to show they’re bullish on the city’s red-hot multifamily market, economy and quality of life.

Buchanan Street Partners, a real estate investment management firm based in Newport Beach, Calif., paid $72.3 million on Dec. 7 for the 328-unit Creekside at Palmer Park Apartments, southwest of Powers and Palmer Park boulevards, El Paso County land records show. It was apparently Buchanan’s first purchase in the Springs.

On the same day, Priderock Capital Partners, a West Palm Beach, Fla., company that acquires and manages multifamily properties nationwide, paid $27 million for the 160-unit Woodland Hills Apartments, southeast of Woodmen Road and Union Boulevard. Priderock has spent more than $180 million since 2014 to acquire five Springs apartment communities, according to land records."

"A large part of Griffis/Blessing’s focus is the purchase and sale of apartments. The company and its network of investors buys undervalued properties, invests millions to improve the apartments, clubhouses and pool areas and sells them within five to 10 years. The upgrades allow Griffis/Blessing to raise rents, which makes the apartments more attractive to buyers and generates a solid return for investors.

In the case of Colorado Springs, many investors are attracted by the direction of the city, said Gary Winegar, Griffis/Blessing’s president of investment services. The Springs’ unemployment rate dipped to 3.9 percent in October, its housing market has been rated as one of the country’s hottest, and U.S. News & World Report ranked the city in July as the nation’s most desirable place to live."

The good news is that this purchase and acquisition strategy re-invests in existing apartment complexes and brings them up to current standards. The bad news is that it enables rent increases and prices out marginal tenants.

As a retired person, I'm so glad to own a house free and clear.
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