A Texas-based investment group purchased two Colorado Springs apartment complexes as part of a 1,164-unit portfolio of apartment properties along the Front Range.
The investment group was a partnership between Arcon and Goldman Sachs.
“It’s fairly unusual for Colorado Springs,” said Ken Greene, a broker with Apartment Realty Advisors who was part of the team that handled the deal. “It’s institutional money from Wall Street. We don’t generally get institutional money in Colorado Springs. But, with this being a four-property deal, it was a fairly large transaction that attracted institutional investors.”
The whole portfolio sold for $90 million, Greene said. But since all four properties sold as a package, there is no way to determine how much the Colorado Springs properties were valued in the transaction.
The two Colorado Springs properties that were sold in the portfolio included the 216-unit Whispering Hills Apartments at 260 Rim View Drive on the northwest side of the city and the 280-unit Stone Ridge Apartments at 1844 Ralphs Ridge Road in southeast Colorado Springs.
The other two properties included 186-unit Rolling Hills complex in Castle Rock and 482-unit Waterfield Court in Aurora.
This was the largest transaction sold to a single investor in Colorado since 2006, according to a press release from ARA.
All the properties, built between the early 1908s and early 1990s, have value-add opportunities if the investor updates the common areas and amenities along with unit interiors, according to the release.