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 41-unit Tiburon Apartments in Colorado Springs, CO. ARA Colorado’s Kevin McKenna and Ken Greene represented the seller, a private local investor, in the transaction.
Central Development, a Denver-based real estate investment company, purchased the property for $1,132,000, representing $27,610 per unit and $37.55 per square foot.
Kevin McKenna explained, “Given the buyer already owns and manages an asset in this submarket, it’s a great opportunity to leverage their existing staff and resources to improve revenues and reduce expenses.”
The property is one block off Academy Boulevard, one of Colorado Springs’ largest retail corridors. In addition to the retail access, residents have become accustomed to an onsite swimming pool, clubhouse and office, which are typically only found at larger apartment complexes.
The Tiburon acquisition adds to Central Developments holdings which included over 350 apartment units in addition to their office, industrial, and retail holdings. Jeremy Records, CEO, said “Tiburon will fit nicely in our portfolio and will add economies of scale to our operations in the area.”
The property was constructed in 1968, and 95% 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 or Ken Greene at greene@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 an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com