Garden Terrace apartment community purchased by Denver-based investor

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The Garden Terrace apartment complex was built during 1971.

A tenant-in-common investment partnership that includes the Griffis Group, Griffis Blessing, Seagate Properties and Gruber Properties has sold its interest in the 196-unit Garden Terrace Apartments to Capital Real Estate of Denver for $9 million.
“This was a Griffis Blessing investment — and one of the properties they had held the longest. It was always in their portfolio plan to sell it,” said Ken Greene, vice president of Apartment Realty Advisors. “Capital Real Estate wanted a solid property in good shape that was well-located. Garden Terrace fit all those criteria.”
Greene along with ARA multifamily brokers Kevin McKenna, Doug Andrews and Jeff Hawks of the firm’s Denver office represented the sellers.
Built during 1971, Garden Terrace is at the entrance to the Garden of the Gods high tech corridor.

Placer Park Ridge ready

Work on home sites at the Placer Park Ridge project in Cedar Heights has been completed.
The lots average more than 1.5 acres each and some border the Pike National Forest. Lot prices start at $149,000.
Nichols & Comito and Highmark Homes are the community’s approved builders.

Meadow Lake Airport update

With approval from the El Paso County Planning Commission and the Board of County Commissioners, the Meadow Lake Airport Association, in conjunction with VEPO LLC, GRR Partners Inc. and Santa Fe Springs LLC, will move ahead on plans to develop 1,002 acres of land at the FAA-designated reliever airport.
Zoning was changed from residential rural and planned development to a planned unit development.
Areas included in the PUD development were a 35.51-acre aviation terminal, 112.61 acres of aviation-related light industrial and 196.42-acres of aviation-related commercial, as well as 301 acres of airfield, 27.98 acres of general commercial, 161.71-acres of general industrial and about 166 acres of right-of-way and open space.
The property is south of Judge Orr Road, west of Curtis Road and north of the Falcon Highway, all within the Falcon/Peyton Comprehensive Plan.
James Sirhall, a consultant from the Airport Development Group who is working with the owners on a comprehensive business plan, said he expects Meadow Lake to attract aviation-related businesses and new retail and commercial activity.
The airport is a base for about 400 local plane owners.
Based on its designation as an official reliever airport — meaning that it accommodates general aviation traffic that might overcrowd the Colorado Springs Airport — the U.S. Air Force Academy has already reinstituted the field as a pilot training site, Sirhall said.

Done deals

The Vikki Biernacki Agency has leased 1,500 square feet of office space at 13550 Northgate Estates, Suite 110, off Northgate Road and Voyager Parkway.
Biernacki, an American Family Insurance agency owner, said she selected the location for its access to Interstate 25, as well as the area’s population growth and higher income demographic.
Move-in is scheduled for September.
Ted Link and Brian Norton of Cascade Commercial Group represented the tenant and Doug Malmgren of Brian Douglas Properties represented the landlord, Northgate Office Campus LLC.
Fairfield Energy Inc. has leased 3,202 square feet in the Presidio Office Building at 1155 Kelly Johnson Blvd.
The company will move in during third quarter of 2008.
Link represented the landlord, Presidio Bethesda LLC, and the tenant.
Center City Plaza at 455 East Pikes Peak Ave. has added another office tenant. Elite Title LLC will occupy 2,352 square feet of office space.
Cascade Commercial Group represented the landlord, Bethesda Real Estate Co.
Becky Hurley covers real estate for the Colorado Springs Business Journal.