One330 Apartments fetch $37.1M in off-market deal

The 149-unit community was in lease-up at the time of sale.

A newly built multifamily community in Colorado Springs sold to an Atlanta-based buyer for $37.1 million, or $249,000 per unit.

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Cortland Partners purchased One330 Apartments at 1330 Kelly Johnson Blvd. in an off-market transaction. The 149-unit community was in lease-up at the time of sale.

“One330 is situated in a well-established area of central Colorado Springs with easy access to I-25 while offering high-end, Class A amenities to an area starved for new multifamily development. The property closed at final certificate of occupancy, highlighting the desire for high quality, well-located product, while the buyer was able to leverage efficiencies with their market presence,” said Jake Young, first vice president, CBRE.

CBRE’s Dan Woodward, David Potarf, Matt Barnett and Young represented the seller, The Garrett Cos. from Greenwood, Indiana.

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“The Colorado Springs multifamily market continues to attract aggressive capital, including institutional equity, compressing cap rates across the board,” added Woodward. “The greater metro offers excellent economic drivers with some of the best job growth in the country, several major growth announcements and a significantly smaller new construction pipeline to navigate.”

One330, located east of Interstate 25 near the U.S. Air Force Academy, features one-, two- and three-bedroom apartments. Apartments include stainless steel appliances, quartz countertops, wood-style plank flooring, full-size washers and dryers, 9-foot ceilings, private patios or balconies, walk-in closets, deep soaking tubs and designer tile backsplash, cabinets and fixtures.

The community includes a spa, resident lounge, business center, 24-hour fitness center, off-leash pet park, detached and attached garages, on-site storage units, resort-style pool, grilling locations and an outdoor fire pit with seating areas.

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The buyer also owns the Cortland Powers North and Cortland Grand River, across the street from One330, communities in Colorado Springs.

According to CBRE’s Real Estate Market Outlook 2020 report, Colorado Springs has been identified as one of seven suburban multifamily markets across the country that will likely outperform market averages in 2020.

Featured in CREJ’s January 15-February 4, 2020, 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…