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Champions sets mark for apts. in Springs

The Champions at Norwood apartment community recently sold at the highest total sales price and second-highest per-unit price ever for a multifamily asset in the Southern Colorado city.

It’s a new high watermark for multifamily in the Colorado Springs market.

The Champions at Norwood apartment community recently sold at the highest total sales price and second-highest per-unit price ever for a multifamily asset in the Southern Colorado city.

According to public records, Champions TIC I LLC paid $86.8 million for the 332-unit community at 4505 Dublin Blvd. It was sold by 4505 Dublin Boulevard Apartment Investors LLC.

The sales price tops that of Vue21, a 2009-built, 332-unit community, which previously held the record of $77.6 million.

Additionally, the Champions at Norwood at $261,445 per unit is second only to the Watermark on Union’s price-per-unit mark of $262,295 and is the highest price paid for that vintage, according to data from Apartment Insights, a comprehensive apartment database website. Also the 244-unit Watermark on Union was built in 2019 – 16 years after Champions at Norwood’s construction in 2003.

The Champions at Norwood last sold in 2004 for $35.88 million.

Kevin McKenna and Saul Levy of Newmark Knight Frank Multifamily marketed the property, however, declined to comment on the transaction.

Renamed Champions, the community features a mix of one-, two- and three-bedroom units that range from 825 to 1,274 square feet.

Apartments feature built-in wine racks, a full-sized washer and dryer, walk-in closets, private balcony/patio, breakfast bar, separate dining area, oversized windows, fireplace in third-floor units, oversized garden tub and granite-style countertops.

Select apartments include wood-style flooring, direct-access garages and vaulted ceilings.

Community amenities at Champions include a 24-hour fitness studio, infinity-edge swimming pool, grilling pavilion, playground, basketball court, pet stations, business center, storage units, a jogging trail, mountain views and recycling.

Featured in CREJ’s April 15-May 5, 2020, issue