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New York firm buys S. Circle apartments

Tue, Nov 1, 2011

News

A New York investor purchased the 112-unit South Circle Arms Apartments near Valley High Golf Course for $5.4 million.

Sequoia Property Partners purchased the complex at 813 South Circle Drive. Ken Green and Kevin McKenna with Apartment Realty Advisors brokered the deal for seller Xebec Realty Partners.

The $5.4 million breaks down to $48,214 per unit and $66.96 per square foot for the complex built in 1969.

A release from ARA said the property has received several updates during the last five years, including new 30-year roofs on all of the buildings, new counters, six-panel doors and tile blacksplashes in the kitchens of the units.

Property updates also include a renovated office, state-of-the-art fitness center, outdoor heated pool, playground and on-site laundry facilities, according to the release.

The complex includes one-, two- and three-bedroom units with easy access to Fort Carson and Peterson Air Force Base. It’s also near the Citadel Mall and has high visibility on South Circle.

“This property is one of the nicer multi-family communities built within this timeframe in the entire metro area. It’s well positioned to take advantage of the bright future this market has in store for it in the coming years,” McKenna said in a statement.

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