Page 16 —
COLORADO REAL ESTATE JOURNAL
— December 17, 2014-January 6, 2015
by Jennifer Hayes
A syndicate advised by Amer-
ican Capital Realty Partners
purchased a submarket-leading
apartment community in Colo-
rado Springs for $9.58 million.
The buyer paid $78,484 per
unit, or $86.95 per square foot,
for the 122-unit apartment
building located at 913 N. Chel-
ton Road.
“Citadel Village has always
led the Rustic Hills submar-
ket in terms of rent. It has a
full amenity
p a c k a g e ,
large units,
great
vis-
ibility and a
park-like set-
ting,” said
Kevin McK-
enna of ARA
Colorado. “A
quarter
of
the units are two-story, three-
bedroom, 2 ½-bath and town-
house-style units with washer
and dryer hookups, which are
extremely rare. In terms of loca-
tion, the property has over 1
million square feet of retail right
outside the front door. That is
hard to replicate.”
McKenna and Saul Levy, also
of ARA Colorado, represented
Hamilton Zanze & Co. in the
sale of the community, con-
structed in 1974.
Hamilton Zanze invested
$1.2 million in capital improve-
ments, including a fully reno-
vated leasing center, new roofs
and gutters, new siding and
paint, “significant” HVAC
replacements and all new elec-
trical panels.
As a result of the improve-
ments, the new owner plans
to focus its attention on unit
upgrades and revenue generat-
ing improvements. At the time
of closing, Citadel Village was
95 percent occupied.
Located next to the Citadel
Mall, the property also offers
easy access to Academy Boule-
vard. It features one- and two-
bedroom units, a swimming
pool, playground and con-
trolled entry.
The sale represents American
Capital Realty Partners’ second
involvement in an apartment
purchase in Colorado Springs
in the past 24 months.
Other News
n
Brazilian Capoeria LLC
recently inked a 5,000-square-
foot retail lease at Centennial
Commons.
The tenant leased the space at
4705 Centennial Blvd. in Colo-
rado Springs from
Centennial
Colorado Partners LP.
Greg Kaufman
of
Colorado
Springs Commercial, a Cush-
man & Wakefield Alliance,
handled both sides of the trans-
action.
Capoeira is a martial art that
combines elements of dance,
acrobatics and music.
n
A5,857-sf office/warehouse
building at 5240 Mark Dabling
Blvd. in Colorado Springs
recently sold for $96 per sf.
La Canon LLC (Gobin’s LLC)
paid $566,800 for the property,
which was sold by
5240, 5320
and 5445 Mark Dabling Blvd.
LLC.
Michael Helwege
of
Colo-
rado Springs Commercial, a
Cushman & Wakefield Alli-
ance,
represented the seller in
the owner-user transaction.
s
Colorado Springs/So. Front Range
A syndicate advised by American Capital Realty Partners purchased the
122-unit Citadel Village apartments.
Kevin McKenna
