September 2-September 15, 2015 —
COLORADO REAL ESTATE JOURNAL
— Page 15
Colorado Springs/So. Front Range
by Jennifer Hayes
A Denver-based firm added
its second Colorado Springs
apartment community to its
portfolio with its acquisition of
the Parc at Briargate.
Coughlin & Co. paid $23.5
million, or $119,898 per unit, for
the 196-unit property located at
8175 Summerset Drive.
“We are looking to grow
our Colorado Springs portfo-
lio,” said Denny Coughlin of
Coughlin & Co. “We think that
there are strong fundamentals
in the market.
“Parc at Briargate is a well-
run, well-maintained property.
It’s a solid asset,” he added.
Last upgraded in 2007,
Coughlin & Co. anticipates
spending “just north” of $1.1
million in capital improve-
ments to the community. Work
includes replacing roofs, updat-
ing landscaping and other gen-
eral upgrades.
Constructed in 1984, the one-
and two-bedroom community
was 97 percent occupied at the
time of sale, noted David Potarf
of CBRE, who represented the
seller with CBRE’s Dan Wood-
ward, Matt Barnett and Jake
Young.
Holland Residential, part of
Holland Partner Group, sold
the property, the last in Colo-
rado Springs that was part of a
larger portfolio of properties in
the Springs and metro Denver
Holland was selling.
Brady O’Donnell of CBRE
arranged the financing.
There were multiple offers on
the asset, added Potarf.
Parc at Briargate, located two
blocks from Chapel Hills Mall,
includes a heated pool and spa,
fitness center, business cen-
ter, tennis court and reserved
parking. Apartments feature
washers and dryers, updated
kitchens, fireplaces and walk-in
closets.
The acquisition by Coughlin
& Co. is the second in the mar-
ket in a little over a year. In
July 2014, it paid $12.13 million
for the 150-unit Copper Chase
community on Southgate Road.
Other News
n
USA Synchro
will relocate
its headquarters to Colorado
Springs by year’s end.
Over the past several years
Colorado Springs has been a
centralized location for USA
Synchro in areas including ath-
lete training and education.
“Being in the same city as the
United States Olympic Com-
mittee, the Olympic Training
Center and more than 20 other
national governing bodies will
give us the opportunity to have
a much higher level of interac-
tion and allow USA Synchro to
utilize this resource on a regu-
lar basis,” said
Kevin Warner,
USA Synchro CEO.
“We are thrilled that U.S. Syn-
chronized Swimming Inc. has
decided to join the growing
list of Olympic sports organiza-
tions that call Colorado Springs
home. With preparations being
made to break ground on the
U.S. Olympic Museum next
spring, this announcement
adds to the momentum the
community is gaining as the
premier location for Olympic
and amateur sports,” said
Dirk
Draper,
president and CEO of
the
Colorado Springs Region-
al Business Alliance.
“The Sports Corp. along
with the El Pomar Foundation
and the Business Alliance are
delighted to have assisted USA
Synchro through this decision-
making process over the past
several months, and we are
excited to welcome them to
America's Olympic City,” said
Tom Osborne,
president and
CEO of the
Colorado Springs
Sports Corp.
U.S. Synchronized Swim-
ming Inc., established in 1979,
moved to Indianapolis in 1983,
as part of a campaign to grow
amateur sports in the city.
“We will miss Indianapolis
and everything the city has to
offer, but now we will look for-
ward to the opportunities that
are available to us in Colorado
Springs. We want to thank the
city of Indianapolis for being
a wonderful location for our
sport and organization for
more than 30 years,” Warner
said. “We began as a national
governing body in Indianapo-
lis and look forward to future
events being held in the city.”
n
The
Colorado Springs
Downtown Development
Authority,
in partnership with
the city of Colorado Springs,
has launched a nine-month ini-
tiative to update and enhance
the Imagine Downtown land
use master plan. The plan,
which was adopted in 2009,
engaged more than 400 stake-
holders in informational ses-
sions, work groups and focus
groups over a two-year period.
This plan update will identify
key public and private sec-
tor improvements to bolster
downtown’s economy, improve
mobility, enhance parks and
open spaces, and promote a
more livable city center in the
coming years.
Specific goals of the plan
update include furthering
the vision of Imagine Down-
town, updating with greater
emphasis on public spaces
and access/mobility opportu-
nities that address pedestrian,
cycling, automobile and transit
and develop a market-based
approach to implementation,
with an understanding of cur-
rent national trends favoring
urban environments.
DDA has engaged the servic-
es of two firms for the update:
The 196-unit community is Coughlin & Co.’s second Colorado Springs asset.
by Jennifer Hayes
A Chicago-based investment
group made its first Colorado
purchase with its $13.25 million
buy of Western Hills.
Evergreen Real Estate Servic-
es paid $87,171 per unit for the
152-unit community that consists
of one- and two-bedroom floor
plans in six buildings.
FPAMultifamily LLC, a private
equity real estate firm, sold the
property at 810 Western Drive
in Colorado Springs. It was rep-
resented in the sale by Kevin
McKenna and Saul Levy of ARA
Newmark.
“Over half of ARANewmark’s
Colorado Springs sales this year
have been from buyers making
their first purchase in the state –
investment groups new to this
market are finding great value
here in Colorado Springs,” said
McKenna.
The seller recently completed
$200,000 in renovations to West-
ern Hill’s exterior and common
areas, including the leasing cen-
ter, clubhouse and fitness center.
“Given the work done by the
seller, the buyer will be able to
focus their attention on the unit
interior renovations that have
only seen minimal upgrades in
the past few years,” McKenna
added.
Locatedminutes fromColorado
Springs Municipal Airport as well
as several nearby defense contrac-
tors, distribution companies and
Sierra Nevada Corp.’s planned
$88 million facility, which will cre-
ate more than 2,100 jobs.
“There has been a lot of excit-
ing job growth in the area sur-
rounding Western Hills. In
addition to Sierra Nevada, Ray-
theon announced plans to hire
another 600 employees and
FedEx is building a brand new
$20 million distribution center.
Western Hills will be able to
attract many of these highly
skilled and educated residents
moving to the area for years to
come,” said McKenna.
Built in 1985, Western Hills
is one of the newest in the
submarket and primarily com-
petes with properties that are
10 to 20 years older.
Evergreen Real Estate Servic-
es owns more than 4,600 units
across five states in the greater
Midwest.
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