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Overlook sale sets new record in Springs

The buyer paid $66.5 million, or $251,894 per unit, for the community built in 2018, which was 80 percent occupied at the time of sale.

NALS Apartment Homes purchased the Overlook at Interquest, a 264-unit apartment community, at a record-setting per-unit figure. The community is first pre-stabilized multifamily asset to sell in recent Colorado Springs history.

The buyer paid $66.5 million, or $251,894 per unit, for the community built in 2018, which was 80 percent occupied at the time of sale. The transaction represents the market’s demand for new product and demonstrates a boost in buyer confidence, according to Kevin McKenna of Newmark Knight Frank Multifamily.

“A recent trend in the Denver multifamily market is the increase in pre-stabilized asset sales. Pre-stabilized sales bring value to the seller/developer by allowing them to more quickly transition capital into new projects,” said McKenna. “The sale of Overlook at Interquest is the first pre-stabilized asset sale in Colorado Springs and it characterizes the continued closing of the economic gap between Colorado Springs and metro Denver.”

McKenna, along with Newmark Knight Frank Multifamily’s Saul Levy, represented the undisclosed seller in the transaction.

Located at 11124 Cedar Glen View, Overlook at Interquest is situated in the northern submarket of the city, where the property’s surrounding demographics are some of the strongest in the Colorado Springs metro area. Within 2 miles of the asset, the average household income is $139,243, which is 52 percent higher than the Colorado average, the average single-family home value within 2 miles is $518,743. The north submarket also is home to more than 8.7 million sf of office space and tenants such as Progressive Insurance, FedEx, Oracle, Lockheed Martin and USAA.

The property features gated access, guest parking, a business center with high-speed Internet, resident clubhouse with billiards, sundeck, spa, pool, onsite management and maintenance, children’s playground, state-of-the-art fitness center, free weights, picnic area with barbecue, covered fireside lounge, pet park and dog wash station, outdoor entertainment center and bocce ball court.

The one-, two- and three-bedroom apartments at Overlook at Interquest include a gourmet kitchen with a breakfast bar, granite countertops, pantry, plank-style flooring, central air and heating, full-size washer and dryer, walk-in closets, private balcony or patio and garages are available. Overlook at Interquest is one of only eight Class A-plus properties built in Colorado Springs during the last five years, according to Newmark Knight Frank Multifamily. Of these eight properties, only two have traded – Overlook at Interquest and Cortland Powers North (formerly Elevation).

Featured in CREJ’s March 20-April 2, 2019, issue