California investment firm buys apartments near downtown
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 [...]
A California real estate investment firm has purchased 70-unit Shannon Hills Apartments near Constitution Avenue and Union Boulevard. Western Investment Partners paid $3.415 million for the property at 2110 E La Salle St., which was built in 1966 and 1974. That’s $48,786 per unit and $60.82 per square foot, according to a release from Apartment [...]
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The road into Manitou Springs is populated with a seemingly endless string of quaint motels built in the 1950s and ’60s, zipping motorists back to the heyday of the automobile and great family road trips. There’s just one problem — the motels are old. Some have been well maintained and appropriately whet visitors’ appetites for [...]
Continue reading …There were $198 million in apartment building sales in Colorado Springs in 2012. That’s the most since the start of the recession in 2007, according to market experts. “It was a lot more fun to be an apartment broker last year than it has been for a while,” said Stuart Sloat, an apartment broker who [...]
Continue reading …Plans are afoot to replace aging storefronts along the 400-block of South Nevada Avenue with a mixed-use development of apartments and retail.
Continue reading …Denver-based BMC Investments recently bought two Colorado Springs apartment properties. BMC paid $4.2 million for 148-unit Timberlane Apartments at 3985 E. Bijou St. and $3.175 million for 95-unit Ashelyn Court at 930 N. Murray Blvd. Both complexes are about 90 percent occupied, according to a release from FirstBank, which financed the purchases. BMC plans to [...]
Continue reading …Rising rents and steady vacancy rates hold through new apartment construction
November 2, 2012 Comments OffLocal apartment rents continued to rise during the third quarter despite flat vacancy rates. Average rents hit a record high of $787 without adjusting for inflation and vacancy remained flat at 6.1 percent, according a report released today by the Colorado Division of Housing. The vacancy figures are different from what division of housing spokesman [...]
Continue reading …Colorado Springs’ apartment sales market seems like it’s hot right now, but the numbers suggest it’s just getting back to “normal” after a sleepy few years.
Continue reading …Eight apartment properties sold in Colorado Springs during the third quarter of this year. Those are big sales figures, said Doug Carter, an apartment broker with Sperry Van Ness and publisher of the quarterly Apartment Insights market analysis. There’s good reason for a surge in apartment property sales, Carter said. The vacancy rate dropped to [...]
Continue reading …While Colorado Springs apartment vacancy rates fell in the second quarter, rents increased. Apartment Insights, a quarterly apartment market report put together by apartment broker Doug Carter at Sperry Van Ness, reported a city-wide vacancy rate of 6.38 percent. The average rent increased $7 from the first quarter to $747 per unit. Rent citywide is [...]
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