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3/08/22
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Life Bridge Capital has purchased Aviator Apartments, a 147-unit multifamily community in Colorado Springs, CO, for $30.6 mi, or $208k per unit. The seller was an affiliate of Crossbeam Capital.
Aviator comprises five, 2.5-story buildings on nearly five acres. Most of the apartment homes are either two-bedroom or three-bedroom floorplans with an average unit size of 892 sf. The community features a 24-hour fitness center, business center, pool, playground, pet park and sun lounge deck.
The property, located at 1670 N. Murray Blvd, sits near downtown Colorado Springs, the Powers and the Aviation corridors and new regional distribution facilities that are slated to employ over 5,500 workers.
Originally constructed in 1971, the seller invested more than $3.4 mil in recent improvements, including a completely renovated clubhouse, roof replacements, new balcony railings, exterior paint, replumbed boiler supply, updated HVAC, a new parking lot and landscaping upgrades. In addition, all unit interiors have been renovated with vinyl flooring, black appliances, sprayed countertops, brushed
nickel fixtures and new cabinet hardware.
Kevin McKenna, Saul Levy, Mackenzie Walker and Jessica Graham with CBRE’s Colorado multifamily investment sales team represented the seller in the deal.
The U.S. multifamily market set an annual net absorption record of 617,500 units in 2021, according to CBRE research. Record annual investment volume of $335.3 billion in 2021 was nearly double 2019’s previous record $193.1 bil.
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