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 101-unit Broadmoor Villas 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, Griffis Residential, a Denver-based real estate investment company, in the transaction.
A California-based real estate investment company, Green Leaf Partners, purchased the property for $9,700,000, which represents a price per unit of $96,040, and a price per square foot of $121.31. Broadmoor Villas marks Green Leaf’s first multifamily acquisition in Colorado Springs.
Kevin McKenna explained, “It’s hard to find a better location for an apartment community given the prestige of the Broadmoor area, the demographics, school district, proximity to retail, and high barriers to entry. The sellers did a fantastic job doing a complete renovation of the interior and exterior of the asset. Constructed in 1969, it’s one of the nicest communities built within it’s timeframe in the entire metro area.”
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