Colorado Multifamily Advisory Group Closes Sale on The Hillcrest Apartments

Durango, CO – Colliers International Multifamily Advisory Group announced the sale of the Hillcrest Apartments located at 1000 Goeglien Gulch Road, Durango, CO.  This 112-Unit Community was built in 2002 and was sold on May 9, 2019.  The buyer was Denver, CO based, Blueline Equity Partners. The seller was Virtu Investments out of San Francisco, CA, and was represented by Colliers International brokers Craig Stack and Bill Morkes.

The property is perfectly positioned next to Fort Lewis College and in one of the most desirable neighborhoods in Durango.  Durango is a year-round tourist destination and the economic hub for southern Colorado and northern New Mexico.

The Durango valley, like many desirable mountain communities is experiencing an influx of residents faced with an overall housing shortage due to scarcity of land and high cost of development.  The supply and demand fundamentals result in low vacancies and steady rent growth for investors.  Investors that historically shied away from smaller communities are now flocking to these markets.  Hillcrest Apartments received multiple offers from investors from across the country.