A private investor out of California paid above asking price for a 209-unit Colorado Springs apartment community.
The investor, in the second transaction in a 1031 exchange, paid $12.65 million, or $60,526 per unit, for the Vistas at the Citadel at 3955 E. Bijou St., where it plans minor updates.
“This opportunity received a high amount of investor interest for the Colorado Springs market,” said Transwestern’s John Blackshire. Blackshire and Tom Wanberg of Transwestern represented the seller, Central Development.
“Prices remain attractive to the majority of buyers compared to other markets, and we expect to see continued interest from capital sources as long as vacancy stays low and rental rates continue to surge upward.”
The community, constructed in 1990 and 1995, is located near the Citadel Mall and features three seven-story buildings comprising an assortment of junior apartments and two- and three-bedroom units. It was around 90 percent occupied at the time of sale.
