The Eagleview Apartments sold for $8.75 million to a buyer making its first acquisition in Colorado Springs – and at a near record price.
The unnamed investor paid $134,615 per unit – the second-highest price per unit paid in Colorado Springs for a property built prior to 1980.
The 65-unit property at 1803 Prairie Road was built in 1968 and was substantially renovated in 2017 by seller Skyline Real Estate Investment out of Denver. SREI acquired the community in September 2016 for $5.1 million and renovated and repositioned the property, including renovating approximately 70 percent of units with modern appliances, flooring and fixtures.
The buyer, coming out of a 1031 exchange from a Lakewood property, plans to renovate the balance of the units as they turn over as well as potentially push overall rent levels, noted Brian Haggar of Marcus & Millichap, who represented the buyer in the deal. Phillip Gause, first vice president capital markets, also assisted the buyer on financing through Marcus & Millichap Capital Corp.
“This hands-on investor believes the property has upside both in terms of rent growth and more efficient management,” Haggar explained. The buyer plans to renovate and raise the rent for the remaining 16 units that are not yet renovated, turning this property into a value-add investment for the buyer.
Craig Stack and Bill Morkes of Colliers International Multifamily Advisory Group represented the seller.
Eagleview Apartments also features a pool, playground, leasing office and workout facility. Additionally, it is situated in the Colorado Springs north-central submarket, providing easy access to downtown, northern Colorado Springs business parks and nearby retail.
