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 288-unit Dove Tree apartment community in Colorado Springs, CO. ARA Denver-based Vice President, Kevin McKenna, Senior Vice President, Ken Greene, and Principals, Jeff Hawks and Doug Andrews, represented the seller, Blue Vista Capital Partners, a Chicago-based national real estate investment company, in the transaction.
An entity formed by Seagate Colorado Partners, a California-based real estate investment company, purchased the property for $18,100,000, which represents a price per unit of $62,847, and a price per square foot of $74.34. Dove Tree marks Seagate’s fourth Front Range multi-family acquisition in the last 18 months, totaling in excess of 1,100 units.
Kevin McKenna explained, “Dove Tree represented an opportunity for strong day one returns in addition to an excellent value-add component. The property is well maintained with high occupancy and offers the opportunity to raise rents by enhancing the common area amenities and implementing a unit upgrade program. The buyer has a proven track record of doing just that throughout the metro area.”
Dove Tree, constructed in 1984, offers a unique unit mix consisting of 58% two-bed/two-bath floor plans averaging 970 square feet. The property is surrounded by retail, entertainment, and high-tech defense contractors along the Powers Boulevard corridor providing a varied employment base for the property.
The property 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, Jeff Hawks at hawks@ARAusa.com, or Doug Andrews at andrews@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