Volta at Voyager sale sets record
A Colorado-based investment group made its first acquisition in Colorado Springs with the highest per-unit price ever for a multifamily asset in the Southern Colorado city.
Mountain View Capital paid $52.6 million, or $263,000 per unit, for the 200-unit Volta at Voyager community. The sale of Volta at Voyager just eclipsed the previous highest-per-unit-price of $262,295 set by the 244-unit Aliso Briargate’s sale earlier this year.
The buyer purchased the community at 11275 Nahcolite Point from Bayley Yandell, a Texas-based real estate development company, which developed the community.
JLL Capital Markets arranged the sale of the property as well as the $37.56 million loan for the purchase.
“The strong pricing achieved for Volta at Voyager is a testament to the excellent quality of the asset, as well as the attractive fundamentals of the Colorado Springs market,” said Mack Nelson of JLL.
“Even during a global pandemic, Colorado Springs continues to attract new capital, both from within Colorado and on a national stage,” added Nelson, noting that the Colorado Springs market offers a compelling value compared with other markets, a strong economy and a lower number of deliveries of new projects.
Nelson and JLL’s Christopher White represented the seller.
Volta at Voyager, completed in 2019, comprises three rental buildings consisting of one-, two- and three-bedroom apartments with five different layouts ranging from 696 to 1,300 square feet. Apartments include patios and balconies, a large kitchen island, a kitchen pantry, full-size washer and dryer, plank vinyl flooring, double vanity sinks, walk-in closets and modern finishes.
The community, designed with a contemporary feel, offers mountain views. Volta at Voyager is near numerous outdoor adventure opportunities, Garden of the Gods and entertainment, dining and shopping, such as the Promenade Shops at Briargate and InterQuest Marketplace.
Community amenities include an on-site dog park and paw spa for residents’ dogs, grill stations, pool, hot tub, resort-style clubhouse, fitness center, and a serenity center for relaxation and yoga.
At the time of the sale, Volta at Voyager had reached stabilization. It was sold in an off-market deal.
JLL Capital Market’s Josh Simon and Kristian Lichtenfels arranged the financing for the acquisition. The four-year, interest-only loan with a 3.25% interest rate was secured at proceeds equivalent to 71.4% of the purchase price. A national insurance company provided the loan.
Featured in the September 16-October 6, 2020, issue of CREJ