A “textbook” value-add apartment property in Colorado Springs was picked up by a Utah-based buyer adding to its Colorado portfolio.
Millburn & Co. paid $49.6 million, according to public records, for The Retreat at Cheyenne Mountain.
“It was a perfect 1990s value-add property,” Kevin McKenna of ARA Newmark said of the 276-unit community at 1735 Presidential Heights.
The property’s location in the Broadmoor submarket, lack of construction in the area, it being situated on one of the biggest multifamily sites in the city and the ability for rents to grow drew double-digit offers, added McKenna, who, with ARA Newmark’s Jeff Hawks, Doug Andrews and Saul Levy, represented the unidentified seller.
The sales price of around $180,000 per unit also is the second-highest price ever paid for an apartment community in Colorado Springs – only second to the $187,963 per unit paid for The Pines at Broadmoor Bluff.
Built in 1998, The Retreat at Cheyenne Mountain features one-, two- and three-bedroom apartments, which are around 95 percent occupied at the time of sale.
Apartments feature carpet or plank flooring, as well as 9-foot-high ceilings, kitchen pantries, a garden tub and walk-in closets for the bedrooms. Select apartments also feature kitchens with a stainless steel appliance package, vaulted ceilings, built-in bookshelves, gas fireplaces, a kitchen island or attached garage.
Community amenities include a heated swimming pool, picnic and grilling area, business center and community meeting room. There also is an easily accessible clothes care center on site. Reserved, covered parking also is available for models without an attached garage.
The buyer plans to continue unit upgrades and refresh the clubhouse started by the buyer.
