Apartment properties trade for $23.6M

A Greenwood Village-based buyer continues to grow its Colorado Springs portfolio, most recently with the purchase of a pair of properties for $23.6 million.

Vukota Capital Management paid $18.35 million for the 312-unit Residence at Austin Bluffs and $5.25 million for the 92-unit Chestnut Springs.

Both Residence at Austin Bluffs and Chestnut Springs combine historically high occupancies, 94 percent and 96 percent, respectively, over the past 12 months with convenient locations and recent capital improvements, noted CBRE Group Inc.

“This transaction demonstrates the value of wisely investing in strategic assets in a growing market like Colorado Springs,” said Jake Young, senior associate, CBRE. “The capital improvements made to date have helped ensure consistent tenant demand over time and the opportunity for additional renovations combined with rent growth sets the stage for promising yields for the new owner.”

Read the entire article in the Dec. 2-Dec. 15 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…