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

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and industrial news in the Denver metro area plus all property types in Colorado Springs, Southern Colorado, mountain towns and the Western Slope. She also handles High Fives news for the paper and is editor of the Health Care & Senior…