December 3-December 16, 2014—
COLORADO REAL ESTATE JOURNAL
— Page 17
Colorado Springs/So. Front Range
by Jennifer Hayes
A Denver-based privately
owned real estate firm special-
izing in property investment and
renovation added its first Colora-
do Springs asset to its portfolio.
Radford Investment Proper-
ties acquired the Point of View
Apartments for $7.13 million,
according to public records.
The purchase represents not
only the first acquisition by Rad-
ford in Colorado Springs but also
its biggest asset in its portfo-
lio, noted Greg Morris, owner of
Radford Investment Properties.
Radford currently is improving
22 unoccupied units for which
renovations will be complete by
year-end, Morris added.
Long term, Radford Invest-
ment will update the balance of
the 210-unit community as units
turn over. Additionally, the new
owner will renovate the leasing
office, add an exercise facility
and is renaming the community
along East Pikes Peak Avenue in
the eastern portion of the city to
Peak 4420.
“We think Colorado Springs is
well positioned for the value-add
investor purchasing apartment
properties,” added Transwest-
ern Senior Vice President Tom
Wanberg, who represented seller
Blue ValleyApartments Inc. with
Transwestern’s John Blackshire
and Stacey Brady.
“Rent growth has been mod-
erate the last few years but we
think that is changing. As we
look forward to 2015, it appears
it’s going to be a terrific year for
apartment owners in Colorado
Springs. Not only is the vacancy
rate extremely low but the city
has a very narrow pipeline for
new apartment construction.”
Built in 1985, Peak 4420 under-
went recent improvements,
including new roofs for all seven
buildings that comprise the com-
munity.
Peak 4420 features a mix of 60
percent “junior units,” 20 per-
cent one-bedroom units and 20
percent two-bedrooms ranging
from 520 to 850 square feet. The
community also includes two
laundry rooms, a heated swim-
ming pool, a barbecue area and a
playground.
Radford Investment Properties
is looking to acquire additional
properties in Colorado Springs
and the Front Range.
Other News
n
A real estate investor with
diversified real estate holdings in
the Western United States recent-
ly acquired the Quality Inn &
Suites Garden of the Gods.
CSQI LP
paid $4.82 million for
the 124-room hotel located at
555 Garden of the Gods Road
in Colorado Springs, according
to public records.
Pikes Peak
Hospitality LLC
sold the hotel,
which is located off Interstate 25
and in close proximity to the U.S.
Air Force Academy, Northrop
Grumman, Lockheed Martin
and Raytheon Cos.
Mike Dube
of
HREC Invest-
ment Advisors
represented the
seller.
“A resurgence of the Colorado
Springs market occurred in 2014
with the rebound of summer
tourism to the area, making it an
ideal time to sell this well-located
asset. The recovery in the market
provides an ideal opportunity
for additional renovation and
repositioning of the hotel,” Dube
added.
R.A. Rauch & Associates
was
retained at the election of the
buyer to manage the property.
n
Trojan Storage of Colorado
Springs LLC
recently acquired
the Budget Self Storage, a
51,400-square-foot self-storage
facility in Colorado Springs.
The property sold for $3.45
million.
Adam Schlosser, Chico
LeClaire
and
Matt Taylor
of
Marcus & Millichap
listed the
Radford Investment Properties paid a reported $7.13 million for the
210-unit Point of View Apartments, renamed Peak 4420.
by Jennifer Hayes
A Colorado Springs retail
center recently sold for $540 per
square foot, a testament to inter-
est in well-leased Class A assets,
according to one of the Shoppes
on Academy’s listing brokers.
The 7,599-sf Shoppes on Acad-
emy sold to 203 Ladera Street
LLC for $4.1 million. The Class
A strip center is fully leased on a
long-term basis to three national
tenants, Verizon, Floyd’s 99 Bar-
ber Shop and Five Guys Burgers
and Fries.
“The
de-
mand remains
strong for sta-
bilized Class
Aretail invest-
ments. This
o f f -ma r k e t
t ransac t i on
was a win-
win for both
the buyer and
seller,” said Tom Ethington of
Pinnacle Real Estate Advisors
LLC, who listed the property
with Rob Edwards, also of Pin-
nacle.
“The price per square foot is
above normal for Colorado
Springs and the property is
above average for the Springs,”
Ethington added, noting buyers
are willing to pay for well-leased,
well-located assets.
The property, a former restau-
rant, was redeveloped in 2008.
It is located at 7252 N. Academy
Blvd.
s
The fully leased Shoppes on Academy is occupied on a long-term basis by three national tenants.
Rob Ethington
