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Report: Apartment vacancy drops, rents rise

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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… Continue Reading Report: Apartment vacancy drops, rents rise

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LLX Central Development purchased the 110-unit Amber Ridge Apartments at 2963 E. Bijou St. late last month. The Denver company paid $3.13 million for the property, built in 1995. It was originally constructed as the second phase of the 90-unit Cottonwood Park complex. The Amber Ridge complex was a stable 95-percent leased complex at the… Continue Reading Denver company buys another Springs apartment complex

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Nor’Wood Development Group started construction last week on the second of three recently announced apartment projects. The North Pointe Apartments near the intersection of Rockrimmon Boulevard and Delmonico Street will include 260 one-, two- and three-bedroom units. “The first of the buildings will be delivered late next spring,” said Nor’Wood vice president Steve Sharkey. The… Continue Reading Nor’Wood starts construction on Rockrimmon apartments

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Apartment vacancy rates in Colorado Springs were above the state average in the first quarter of this year. The city was also just one of a few metro areas in the state where vacancy rates were higher than last year. The vacancy rate was 6.4 percent in Colorado Springs, which was up from 5.8 percent… Continue Reading Springs apartment vacancy above state average

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The lower apartment vacancy rates and higher rents reported in last week’s survey from the Colorado Division of Housing are good for apartment property owners … Continue Reading Lower vacancy, higher rents good for apartment owners

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Downtown advocates know that one of the primary ingredients for revitalization is residential development, but apartments are going up everywhere around the city except in the urban core. Continue Reading Developers opting not to build apartments downtown

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Seagate Properties just purchased its third apartment complex in the past 10 months in Colorado Springs. The California-based investment company bought Sunset Creek Apartments, a 310-unit apartment complex, located at 5400 N. Nevada Ave. The purchase price was $20.5 million. “Sunset Creek was an off-market opportunity to acquire a well-located, low-density community with great potential,”… Continue Reading Seagate purchases third complex in 10 months

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Seagate Properties purchased a 190-unit garden-style apartment building on Southgate road for $9.7 million. Copper Chase Apartments is the fourth purchase by the company. It also bought Cascade Park Apartments, Boulder Crescent Apartments and Filmore Ridge Apartments. They own the Dakota at Governor’s Ranch in Littleton, as well. Trent Isgring, who opened the company’s Denver… Continue Reading Seagate purchases fourth apartment complex in Springs

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Apt. builders brush off overbuilding concerns

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Despite fourth quarter apartment vacancy increases and rental-rate declines, Colorado Springs real estate insiders say the market is still on the upswing and will be able to support new development. Year over year, fourth quarter vacancies in Colorado Springs apartments were down, according to two reports — a statewide report from the Colorado Division of… Continue Reading Apt. builders brush off overbuilding concerns

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La Plata Communities is proposing an eight building, 128-unit apartment development on 12 acres adjacent to its upscale Cordera neighborhood, where home prices range from $300,000 to $800,000. La Plata sent an e-mail to Cordera residents inviting them to attend an information meeting last night from 6 to 8 p.m. at the Cordera Community Center,… Continue Reading La Plata seeks to build 128 apartments near Cordera

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