Weidner buys Parkmoor

The 328-unit Parkmoor Village Apartments at 3688 Parkmoor Village Drive been purchased by Weidner Investment Services of Seattle, Wash., for $12.1 million.

The buyer also owns several other Colorado Springs apartment communities.

The Lively Family Trust had owned the 15.5-acre property for 37 years.

“Most of the units are two-bedroom, two-bath. The family bought it right after Parkmoor was built in 1972,” said Sperry Van Ness multifamily broker Doug Carter, who represented both the buyer and the seller.

The transaction represented the Pikes Peak region’s the largest apartment complex sale during the past two years, the second largest dollar transaction during the past year and only the fifth multifamily deal to close during 2009.

Three apartment deals closed during second quarter: The Knolls ($13.5 million), Broadmoor Ridge ($10.5 million) and Mountain View ($11 million).

“For 2009, we’ve seen only four significant sales of more than 100 units. That compares to 10 during the first 10 months of 2008.

So why did a multi-million dollar apartment community sell during an otherwise slow year for large real estate transactions?

Carter said the two-story complex was a well-maintained property with larger-than-average units that offered low-density living.

“It was well-positioned. At 90 percent, the occupancy was strong and stable, and the buyer is comfortable in our market,” he said, adding that some updating and improvements are planned during the next couple of years.

The Apartment Insights’ third quarter 2009 report showed the vacancy rate for communities of 50 or more units at 7.75 percent citywide. Average (gross) rents rose slightly to $695.

The highest average rents were recorded during third quarter 2008.

Two more big leases signed

Agility Logistics has leased 50,000 square feet of office and industrial space at 600 Wooten Road, a former BMC West lumber company location. The space had been vacated earlier this year.

“They’ve just been awarded a national contract with the Army to provide storage and logistics to soldiers during their war deployment,” said John Rodgers of Peak Commercial Properties, the landlord’s broker.

The tenant was represented by Mark Dwyer of Lincoln Properties.

Extreme Bargains, an expanding retailer in the midst of the recession, has leased another 27,000 square feet at 2850 N. El Paso Blvd. This brings its total occupancy at the property to 47,000 square feet.

The company buys unsold inventory from retail outlets across the country and sells the inventory at substantial discounts to local consumers, said John Rodgers who represented the landlord, 2850 North El Paso Blvd LLC.

The tenant was represented by J.B. Isaac of Walker Commercial Real Estate.

Becky Hurley covers real estate for the Colorado Springs Business Journal.