Denver investor buys Springs apartment complex

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Tiburon apartments saleA Denver-based real estate investment company recently purchased a Colorado Springs apartment building.

Central Development bought the 41-unit Tiburon Apartments at 1330 Potter Drive near the intersection of Palmer Park and Academy boulevards. The Denver company paid $1.132 million for the property, which was $27,610 per unit and $37.55 per square foot.

The complex, which was built in 1968, was 95 percent leased when it sold, according to a release from Apartment Realty Advisors, the firm that brokered the sale.

The property has an onsite swimming pool, clubhouse and office, which are uncommon amenities in such a small apartment community.

The apartment complex is Central Development’s second in Colorado Springs.

“Given the buyer already owns and manages an asset in this submarket, it’s a great opportunity to leverage their existing staff and resources to improve revenues and reduce expenses,” ARA broker Kevin McKenna said in a statement.