COLORADO SPRINGS, 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 310-unit Sunset Creek apartment community in Colorado Springs, CO. ARA Senior Associate, Kevin McKenna, and Senior Vice President, Ken Greene, along with Principals, Doug Andrews and Jeff Hawks, represented the seller, Dallas, TX-based WillMax Capital, Inc.
Sunset Creek was purchased by an affiliate of Seagate Properties, Inc., a California-based multifamily real estate investment company for $20,500,000, representing a price per unit of $66,129 and a price per square foot of $79.98. Seagate Properties, Inc. assumed the previous owner’s loan.
Constructed in 1966, Sunset Creek is located in one of the fastest growing submarkets in the Colorado Springs metro area. Ken Green commented, “Sunset’s location, in an area designated for redevelopment by the city of Colorado Springs, makes it a perfect candidate for future appreciation.” Kevin McKenna added, “This truly is one of the best areas in town for an apartment building. You have the Costco, Lowe’s and Kohl’s anchored University Village shopping center right next door, the growing University of Colorado-Colorado Springs campus across the street, the Monument Creek trail in your back yard, and easy access to I-25 via the newly completed interchange to the north. There’s a lot of potential to reposition the asset and the buyer has a proven track record of doing just that in this market.”
Sunset Creek not only offers current residents a premier location, but they also enjoy a full amenity package including on-site laundry services, fitness center, heated outdoor swimming pool and common courtyard with BBQ grill, tennis and volleyball courts. Unit amenities include an additional storage closet per unit, air conditioning and fully-appointed kitchens with dishwashers, disposals and frost-free refrigerators.
This is the second disposition for the seller and second acquisition for the buyer in the Colorado Springs market this year. ARA also represented WillMax Capital, Inc. in the sale of Copper Chase Apartments which was sold to the same buyer in February. Sunset Creek was 93% occupied at the time of closing.
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, Kevin McKenna at kmckenna@ARAusa.com, Ken Greene at greene@ARAusa.com, Doug Andrews at andrews@ARAusa.com, Jeff Hawks at hawks@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