COLORADO, CO - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, recently brokered the sale of the 150-unit Copper Chase apartment community in Colorado Springs, CO. The seller was WillMax Capital, Inc. based in Dallas, TX. ARA Colorado Principals, Doug Andrews and Jeff Hawks, along with Senior Vice President, Ken Greene, and Senior Associate, Kevin McKenna, represented the seller in the transaction.
The property was purchased by an affiliate of Seagate Properties, Inc., a California-based multifamily real estate investment company for $9,750,000, representing a price per unit of $65,000 and a price per square foot of $78.70. The property was 93% occupied at the time of closing. “This sale demonstrates the sharp rise in values we’ve seen for multifamily properties in Colorado Springs in recent years,” said Kevin McKenna, adding “The buyer is a perfect fit for this property given their ability to successfully reposition similar assets in this market. There’s ample opportunity to add value and to take advantage of the property’s strong location across the street from the Broadmoor Towne Center.”
Constructed in 1969, Copper Chase is located across the street from the highly prestigious Broadmoor Towne Center in southwestern Colorado Springs, just minutes from the Fort Carson Army Base, the largest employer in Colorado Springs, and the world renowned Broadmoor Hotel. Colorado Springs is home to four military installations, and Fort Carson alone accounts for 10,000 troops. This base is expected to bring an additional 2,700 new troops to the base in 2013.
Ken Greene commented, “Copper Chase is a good example of a formerly distressed property that was rescued and upgraded. It has subsequently become an asset to the neighborhood and performed well for the owner for the past ten years.”
Copper Chase offers a the unique benefits of a unit mix consisting of 53% three-bedroom units and a low density per acre allowing Seagate Properties, Inc.’s affiliate the opportunity to add additional amenities and enhance the property. Residences at Copper Chase already enjoy a full amenity package including on-site laundry services, fitness center, common area courtyard with BBQ grill, children’s playground and sport court. Unit amenities include spacious floor plans, ample closet storage space and fully appointed kitchen’s with dishwashers, disposals and frost-free refrigerators.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, please contact Lisa Robinson at lrobinson@ARAusa.com or 678.553.9360, or Amy Morris at amorris@arausa.com or 678.553.9366; locally, Doug Andrews at andrews@ARAusa.com, Jeff Hawks at hawks@ARAusa.com, Ken Greene at greene@ARAusa.com, or Kevin McKenna at kmckenna@ARAusa.com, or 303.260.4400.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.4 billion in real estate transactions since 2004. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com