Sale of apartments largest in Springs history

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2009-07-20_17.48.15A California-based real estate firm announced it has completed the $54-million purchase of a 322-unit multi-family development in the Briargate area of Colorado Springs.

Privately held Passco Companies LLC broke the news in a release on Monday that its acquisition of Vue21 (formerly known as Alexan at Briargate), located at 4610 Nautilus Peak View, had been finalized.

“We were fortunate to be able to close this property in 45 days,” said Gary Goodman, senior vice president of acquisitions, in the release.   “Vue21 is particularly well located within the Powers Boulevard Corridor, the fast growing part of Colorado Springs, which itself is one of the fastest growing cities in the U.S.”

The sale broke the record for both the largest overall price for a multifamily development as well as the record for price-per-unit cost, said ARA Real Estate Investment Services Vice President Kevin McKenna in an interview with the Business Journal. ARA brokered the deal.

According to the release, Passco plans to upgrade the units to create a modern and luxurious community that will raise the status of the property, attract higher-paying tenants and “maximize the potential of this investment.”

The complex was built in 2009 is situated on 11 acres located within the Cordera master-planned community. Units are available in a variety of floor plans, some with views of the Front Range.

The transaction brings Passco’s portfolio up to a total of 33 properties with over 10,000 units across 14 U.S. states, according to the release.