The sale of the Vineyards apartments in Colorado Springs is one of the latest record-setting multifamily transactions to close in the city in 2016.
LocalConstruct, a private real estate investment and development company based in Los Angeles, added to its Colorado Springs holdings with its $55.25 million acquisition of the Vineyards.
It purchased the 300-unit community in the fourth largest sale overall by dollar amount and price per unit, $184,167.
A private group out of Houston, the developer of the community constructed in 2002, was the seller.
“We had tremendous interest in the property and received close to 20 offers from qualified buyers representing local, national and international investors,” said Bill Morkes of Colliers International Denver Multifamily Advisory Group, who represented the seller with Craig Stack, also of Colliers. “The strong demand is a testament to the growing interest for and awareness of the Colorado Springs multifamily market.”
“The Vineyards was a really well-designed community in a great location and at 14 years old was a prime property for a buyer to perform a value-add renovation,” added Stack.
LocalConstruct is planning a face-lift to the community located at 4350 Mira Linda Point, which will include renovations to the clubhouse, rebranding the community and renovating every unit, said Morkes, noting the buyer holds properties for longer terms.
At the time of sale the property was 96 percent occupied.
The buyer represented itself in the transaction.
Earlier this year, the Colorado Springs market also saw the $67.3 million sale of Encore at First and Main – the largest overall sale by dollar volume and highest per-unit price – as well as Talon Hill, the second largest overall sale in the city by dollar volume and price per unit (see story on Page 1).
