Apartments sell for $65.8 million to Cortland Partners

The property features a mix of one-bedroom, one-bath and two-bedroom, two-bath apartments that include in-home full-size washers and dryers, wood-style flooring, hard-surface countertops, double-sink vanities, kitchen islands, large closets and skylights.

Cortland Partners added a second Colorado Springs apartment community to its portfolio with its acquisition of a newly built asset.

The Atlanta-based multifamily investment and management firm paid $65.8 million, or $241,912 per unit, for Elevation, a 272-unit community at 4637 Asher Heights.

Renamed Cortland Powers North, the community was completed in 2018.

“It is rare to have a new asset hit the market in Colorado Springs, so there was a lot of pent-up demand for the property,” explained Newmark Knight Frank Multifamily’s Kevin McKenna. Additionally, “The submarket doesn’t have much supply coming online, only one other property in a 5-mile radius, so that was certainly attractive to prospective buyers as there is not a lot of competition coming up.”

McKenna and Newmark Knight Frank’s Saul Levy represented Vedura Residential in the sale for which there were a number of interested buyers – many new to the Springs market.

“The amenities, the finishes are top of the market,” added McKenna, noting Cortland Powers North also has the largest fitness facility in an apartment community in Colorado Springs.

The property features a mix of one-bedroom, one-bath and two-bedroom, two-bath apartments that include in-home full-size washers and dryers, wood-style flooring, hard-surface countertops, double-sink vanities, kitchen islands, large closets and skylights. Community amenities include a 24/7 fitness center, resort-style pool and outdoor kitchen.

Featured in CREJ’s February 6-19, 2019, issue

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.