Trion Properties and PCCP LLC have teamed up in the acquisition of a two-property multifamily portfolio located in multiple submarkets of Colorado Springs, CO for a total price of $80 mil. The properties, totaling 406 units ($197k/unit), include Quail Cove and Highland Park.
Highland Park, Colorado Springs |
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One of the properties, Quail Cove, is a 200-unit community located at 3308 Quail Lake Rd in the Cheyenne Hills neighborhood of Colorado Springs. Built in 1983, the property consists of a mixture of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood burning fireplaces, central heat and air, walk-in closets, and private balconies and patios.
Quail Cove has been well maintained by ownership, with approximately $5 mil spent on capital expenditures within the past 5 years including new roofs, new landscaping, a clubhouse upgrade, among other items. The property offers spectacular views of the surrounding mountains, while also overlooking Quail Lake which resides right next to the community.
The other acquisition, Highland Park, is a 206-unit multifamily property located at 4815 Garden Ranch Drive in Colorado Springs, off of Union Blvd and Academy Blvd in the rapidly growing Northeast Colorado Springs submarket. The property offers a mixture of one- and two-bedroom units. Unit amenities include spacious floorplans, washer/dryer hookups, wood burning fireplaces, central heat and air, walk in closets, and private balconies and patios.
The community boasts beautiful views, easy accessibility to Interstate 25 and the Mountain Metro Bus Line for shopping and entertainment options, hiking and biking trails, and is just five minutes away from University of Colorado, Colorado Springs.
Similar to Quail Cove, Highland Park was also well maintained by the previous owner, with nearly $2 mil spent on improvements within the last five years for new landscaping, roofs, paint, among other items. The property is highly amenitized with courtyards, a dog park, pool, sauna, and picnic areas on-site.
“Colorado Springs was the third-best housing market for multifamily rental investments in 2020, and recently ranked fourth as the best place to live in the United States,” said Max Sharkansky, Managing Partner at Trion Properties. “Colorado’s strong military presence, booming aerospace and high-tech manufacturing industries are just a few reasons why the region has seen exponential growth and an influx of top talent over the past few years.”
Both properties were sold by the same seller. Winston Black at Berkadia and Frank Farrel represented both parties in the transaction. Continental Partners arranged the financing of both deals from Freddie Mac, through Andrew Kwok from Capital One.
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