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.