Apartment Complex in Colorado Springs Sells for $65,000,000
Suburban Colorado Multifamily Assets Continue to Set Pricing Records
[Denver, CO, Tuesday, December 07, 2021] – Colliers Multifamily Advisory Group announced the sale of The Enchanted Springs Apartments for $65,000,000 ($325,000 per unit and $332 per square foot) – the highest price per square foot and price per unit sale in the history of Colorado Springs for properties with over 100 units.
Enchanted springs is a 200-unit, class A apartment community constructed in 2020 and located on the East side of Colorado Springs at 3281 Divine Heights. The property offers residents an indoor fitness center, clubhouse, resort-style pool and spa, and business center with large units averaging 979 square feet. Colliers represented the Seller, a private development firm.
“The developer did a wonderful job. It’s a beautiful property in a great part of town, and I think the Buyer’s will be very happy with their investment.” said Bill Morkes.
“Enchanted Springs provided an exciting opportunity to buy a brand-new asset in Colorado Springs. The property features an extensive amenity package, prime location near regional employers, and offers residents the quality of life provided by the city’s proximity to outdoor recreation,” said David Nelson, Hamilton Zanze’s chief transactions officer. “We look forward to our continued growth in the Colorado Springs market.”
“Great market fundamentals, low debt, and incredible investor demand are driving pricing” added Craig Stack. “It seems like every day we hear from a new investment group looking to acquire multifamily in Colorado.”