DENVER, 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 Citadel Village, a 122-unit apartment building located at 913 North Chelton Road in Colorado Springs, Colorado. ARA Colorado’s Kevin McKenna, Vice President, and Saul Levy, Associate, represented the seller, Hamilton Zanze & Company, a San Francisco-based real estate investment company, in the transaction.
A syndicate advised by American Capital Realty Partners purchased Citadel Village for $9,575,000, representing a price per unit of $78,484, or $86.95 per square foot. The sale represents American Capital Realty Partners’ second involvement in an apartment purchase in Colorado Springs in the past 24 months.
Kevin McKenna explained, “Citadel Village has always led the Rustic Hills submarket in terms of rents. It has a full amenity package, large units, great visibility, and a park-like setting. A quarter of the units are 2-story, 3 bedroom, 2.5 bath, townhouse-style with washer and dryer hook-ups which are extremely rare. In terms of location, the property has over one million square feet of retail right outside the front door. That is hard to replicate.”
Hamilton Zanze & Company invested $1.2M in capital improvements including a fully renovated leasing center, brand new roofs and gutters, new siding and paint, significant HVAC replacements and all new electrical panels, to name a few. As a result, the new owner plans to focus their attention on unit upgrades and revenue generating improvements.
Citadel Village is centrally located and offers residents easy access to Academy Boulevard, Colorado Springs’ largest north-south retail thoroughfare and one of the largest sources for entertainment in the area. The property is also located next to the Citadel Mall giving residents immediate access to restaurants and shopping.
During this past year, Colorado Springs has consistently experienced some of the strongest market fundamentals in the history of the Apartment Insights Statistic/Trends Report. Vacancy recently dropped to a record low at 4.79% during the 3rd quarter. American Capital Realty Partners will be able to capitalize on the tightened vacancy and anticipates rent growth will continue. Citadel Village was 95% occupied at the time of the sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Natalia Izurieta, at nizurieta@ARAusa.com or 303.260.4487.
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 more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.
About Hamilton Zanze: Hamilton Zanze is a private San Francisco-based real estate investment company that acquires, repositions, and operates apartment communities on behalf of its private clients and institutional partners. Since our founding in 2001, we have acquired over $1.89 billion in multifamily investments across 10 states in the Western and Southwestern U.S. We currently own and operate 80 properties (16,467 total units). For additional information, please visit www.hamiltonzanze.com.