Alturas at Bell Tower trades for $9.06M

A newly completed Colorado Springs apartment asset sold to an undisclosed buyer for $9.06 million, or $150,917 per unit.

An undisclosed buyer purchased the Alturas at Bell Tower, a 60-unit community at 1130 Bell Tower Heights.

Constructed in 2013, the property received a significant amount of attention due to its notable upside in rents, condominium-quality finishes, proximity to multiple employment developments in Colorado Springs and its unique place in the market, noted Kevin McKenna and Saul Levy of ARA Newmark. There have been no conventional multihousing properties built within a five-mile radius of the property in the last 10 years and, as such, Alturas at Bell Tower is one of the very few class A communities in the entire submarket.

Read the entire article in the Dec. 16-Jan.5 issue of the CREJ.

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining the Colorado Real Estate Journal, Jennifer served as the assistant sports information director at Texas A&M-Commerce. She earned her bachelor's degree in broadcast journalism from the University of Colorado and a master's degree in education from A&M-Commerce. Jennifer enjoys spending time with her husband and son, learning the ways of being a hockey mom, sports, reading and baking.