A California-based buyer is branching out with an acquisition in Colorado Springs.
Green Leaf Partners paid $59.25 million, or $227,884 per unit, for the Encore at Rockrimmon, renamed Green Leaf Rockrimmon.
The 206-unit community, built in 2014, garnered significant interest from buyers big and small.
“There was a very good turnout of interest,” Jake Young of CBRE said of the level of attention seen in the multifamily asset. “A lot of focus and attention is shifting down to Colorado Springs with what is going on with rent growth and a diversifying job and population base, and just the more affordable living as compared to Denver.
“I think that’s turned a lot of investor attention down there both big and small. The private client side always has been there, but the institutional buyers are now looking there as well,” Young added.
Young, along with CBRE’s Dan Woodward, David Potarf and Matt Barnett, represented the seller in the transaction. CBRE declined to identify the seller, however, according to public records, Nor’wood Development Group sold the community at 5824 Walsh Point.
At the time of sale, Green Leaf Rockrimmon had a stabilized occupancy above 95 percent.
Green Leaf Rockrimmon features a mix of one-, two- and three-bedroom units ranging from 790 to 1,142 square feet. Apartments feature 9-foot ceilings, granite countertops, washers and dryers, and balconies. The community also features attached and detached garages, a theater room, clubhouse, on-site maintenance, bicycle repair station, pool, outdoor fireplace, fitness center and spa.
In addition to the Rockrimmon property, Green Leaf owns additional assets in Colorado, including Green Leaf Stone Cliff in Aurora, Green Leaf RockVue in Broomfield and Green Leaf Riverside in Littleton.
