Townhouse Apartments property trades for $8.7 million

A 54-unit apartment property in Colorado Springs sold in an $8.7 million transaction.

According to public records, BHC Associates purchased The Townhouse Apartments from Akhtar Mohammad Khalid.

Patrick Knowlton of Nexus Commercial Realty LLC represented both the buyer and seller.

Located at 3125 E. Fountain Blvd. and 1215 Shasta Drive, close to Highway 24, The Townhouse Apartments was constructed in 1965.

The property features a mix of two- and three-bedroom units.

Each unit also includes private yards with some featuring second-floor balconies.

The buyer is expected to renovate the property and complete the unfinished basements to potentially add an additional unit to each townhome, noted Knowlton. The selling partnership group plans to pursue other investments in different markets/investment segments.

Featured in the November 18-December 1, 2020, issue of CREJ