As apartment vacancy rates continue to fall – and rents begin to rise, apartment complex sales might become more common.
Stuart Sloat, a broker with Rampart Residential, negotiated a deal to sell the Raintree Apartments at 2650 Ore Mill Road near the intersection of Highway 24 and 26th Street on the west side of Colorado Springs.
The 26-unit building sold for $815,000, Sloat said. A private investor who used to own and operate apartment communities bought the complex with plans to get back into the business, Sloat said.
Thayer Thomas, a broker with Colorado Equity & Investment, negotiated a $1.2 million sale of the Downtown Square Apartments at 425 and 431 East Wilamette Ave. last week.
Thomas said an out-of-town investor bought the property. The previous owner bought it out of foreclosure just a couple years ago and had made some improvements to the property before selling it at a profit, Thomas said.
The Raintree Apartments were originally build as a hotel in the 1980s, Sloat said. They were converted into mostly one- and two-bedroom apartments with two studio units.
The Downtown Square complex includes 30 two-bedroom units, Thomas said.
The two sales bring the year’s total to nine, according to data from apartment broker Doug Carter with Sperry Van Ness. That’s still one fewer than sold in the first seven months of 2010. But Carter said last week that he would not be surprised if apartment sales rise in response to lower vacancy rates and rising rents.