California investment firm buys apartments near downtown

Filed under: Daily News | Tags:, , ,

A California real estate investment company has purchased the largest apartment complex in downtown Colorado Springs.

The 200-unit Palmer Park Apartments at 1304 San Miguel St. was built in 1949.

California investment company LocalConstruct bought the property for an undisclosed amount, according to a release from Apartment Realty Advisors, which brokered the deal for the seller.

This represents another in a series of apartment sales to out-of-state investment firms during a time of near-record-low apartment vacancy and increasing rents. LocalConstruct has bought two other properties in town, including Filmore Ridge at 3210 N Chestnut St. and Esperanza Village at 158 Coleridge Avenue.

“Palmer Park is without doubt, the nicest apartment community of its era in Colorado Springs,” said Ken Greene, who represented the seller for ARA.” The new owner has vowed to make significant upgrades while maintaining the ambiance that has made the property so successful for both owners and tenants for over 60 years.”

The property was 95 percent occupied when it sold.