Palo Verde Apartments purchased

Filed under: real estate column |

The 72-unit Palo Verde Apartments had been part of the Colorado Housing and Finance Authority portfolio since 1992.

The Palo Verde Apartments have been purchased for $3 million by Carefree Partners LLC.
The 72-unit complex is at 175 N. Murray Blvd.
Tammy Gilbert, president of First Properties Inc. handled both sides of the transaction. The seller was the Colorado Housing and Finance Authority, which had owned the property since 1992.
Carefree Partners also owns the Lincoln Springs apartments in the Pikes Peak region.

Sharpen those pencils

As property managers and building owners generate their 2009 budgets, they’ll need to include projected increases in three key utilities.
That was the news from Tyrone Johnson, strategic account manager at Colorado Springs Utilities, who talked with more than 80 members of the Realtor Commercial Industrial Society during the group’s August meeting.
“The numbers we give out for budgeting purposes may be a little higher than actual costs, but they’re useful for planning,” he said.
The increases included electricity, up 20.5 percent, gas, increasing by 10.5 percent, and wastewater, up by 14.1 percent.
Brian Wagner of Sierra Commercial Real Estate, RCIS immediate past president, said the information was helpful, especially for owners watching their cash flow.
Johnson cited CSU’s efforts at maintaining full service during peak summer heat, avoiding “brownouts” like those experienced in Denver several years ago.
“People just expect it to be there,” he said, adding that most customers have no idea how much work goes into meeting water quality and delivering a steady energy supply.
CSU officials have predicted that utility companies across the nation will see their fuel (natural gas and coal) costs double during the next few years. They also are tracking the costs of steel, copper, concrete and equipment such as electric transformers, which have dramatically outpaced the rate of inflation, Johnson said.

RCIS officers, format

The RCIS organization introduced its new slate of officers at the meeting.
They are: Joy Focht of Proforma Commercial Realty, chairwoman; Mike Helwege of Bach Real Estate Partners, vice chairman; Lori Ondrick of Sierra Commercial Real Estate, treasurer; and John Rodgers of Peak Commercial Properties, secretary.
The group’s new meeting format was also announced.
Wagner said RCIS will meet eight times per year, with four traditional luncheon meetings and four broker-only after-hours events. The cost of membership will remain at $35 per year.
“RCIS needed to re-purpose,” he said. “Our monthly luncheon used to be the only place to pitch properties and exchange information, but today, e-mail transmission is so much easier. We’re hoping to attract back the high producers — and encourage the new brokers to show up. For the new guys, it’s a way to get your face out there so when you leave a message, you’ll get a call back sooner.”

Companies join forces

Keller Williams Premier Realty and Hope Realty have merged.
Rick Guthrie will manage the brokerage operation in Colorado Springs. Principal/owner Tony Greer will manage the firm’s Fremont County office and principal/owner Robert Edgin is in charge of recruiting.
Plans call for opening a downtown office that will share space with a mortgage financing company.
About 100 agents hold licenses with the new firm, but that number is expected to grow to 115 by the end of the year, Edgin said.
Becky Hurley covers real estate for the Colorado Springs Business Journal.