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 South Circle Apartments in Colorado Springs, CO. ARA Colorado Senior Associate, Kevin McKenna, and Senior Vice President, Ken Greene, represented the seller, Xebec Realty Partners, in the disposition. The property was purchased by New York-based Sequoia Property Partners.
South Circle Apartments is a 112-unit, interior hall property offering residents spacious one, two, and three-bedroom units. Given its proximity to Fort Carson and Peterson AFB, the property is in a great position to take advantage of the anticipated troop growth in the coming years. In addition, the property is located next to the Valley High Golf Course, is just minutes away from the Citadel Mall, and benefits from strong visibility along the highly trafficked Circle Drive.
The property underwent an extensive renovation program over the last five years that included new 30-year warranty roofs, new energy efficient double-pane windows, a new boiler system, and new exterior office paint. A number of the unit interiors have also been upgraded with new countertops, appliances, six-panel doors, and tile backsplashes in the kitchens. Additionally, the property offers a full amenity package that includes a newly renovated office, state-of-the-art fitness center, heated outdoor pool, on-site laundry facilities, a playground, and controlled access entries.
The buyer purchased the property for $5,400,000, representing a price per unit of $48,214 and a price per square foot of $66.96.
“This property is one of the nicer multi-family communities built within this timeframe in the entire metro area. It’s well positioned to take advantage of the bright future this market has in store for it in the coming years,” said Kevin McKenna, senior associate with ARA Colorado.
The property was 96% occupied at the time of sale.
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 Holland at amorris@arausa.com or 678.553.9366; locally, Ken Greene at greene@ARAusa.com, or Kevin McKenna at kmckenna@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 $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.ARAusa.com