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7/22/14
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Alikar Gardens, a 124-unit apartment complex located three-and-a-half miles southeast of downtown Colorado Springs, recently sold in a deal valued at $6 mil, or $48.4k/unit. Built in 1970, Alikar Gardens I situated on a 2.9-acre wooded oasis at 1123 Verde Dr, one block from U.S. Hwy 24.
Alikar Gardens features mature landscaping, cobblestone walkways, fountains, streams, waterfalls and picnic and barbecue areas. All apartments include private entrances, spacious closets, large windows, individual air conditioning units and fully equipped kitchens. Community amenities include an Italian-tile, heated swimming pool; lush gardens with private seating areas; tranquil water features; state-of-the art laundry facilities; a fully appointed business center; and covered parking.
The property is near the top two employers in the area, the Fort Carson army base, and Peterson Air Force Base. The Citadel, a 1.1 msf shopping mall anchored by Dillard’s, JCPenney and Burlington Coat Factory, is three-and-a-half miles away.
William Morkes, an associate in Marcus & Millichap’s Denver office, along with Cliff David, vice president investments in the firm’s Phoenix office, and Steve Gebing, senior director with Institutional Property Advisors, a Marcus & Millichap company, represented the seller, a local developer. The buyer is an affiliate of Madison Realty Investors who plans to implement a major repositioning strategy.
“On the market for the first time in over 40 years, Alikar Gardens attracted a great deal of attention from the multifamily investment community,” says Morkes. “The property provides residents with an unparalleled living environment and is one of the best values in Colorado Springs. The complex has been well cared for throughout its 43-year history and provides the new owner with an opportunity to enhance revenue through the implementation of operating efficiencies and improved leasing.”
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