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December 7-December 20, 2016 — COLORADO REAL ESTATE JOURNAL — Page 15
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Colorado Springs/So. Front Range
by Jennifer Hayes
Atax credit property in Colora-
do Springs sold to a Seattle-based
buyer for $22.13 million.
Investors Capital Group paid
$122,917 per unit for Constitu-
tion Square, a 180-unit commu-
nity at 7230 Constitution Square
Heights. The community, built
in 2002, represents the buyer’s
second asset in the Colorado
Springs market.
“There are very few of these
types of assets that come up for
sale,” Kevin McKenna of ARA
Newmark said of the property,
which offered a good opportuni-
ty for a buyer to come in at basis
for the product type.
There were multiple offers
received on the community due
to the scarcity of this product
type, said McKenna.
“When assets like this do come
up on the market, they get bid
up as there are not many like this
available throughout Colorado.”
Additionally, the property
was offered well below replace-
ment cost and since Constitution
Square is located on the east side
of the city it is right in the path
of growth, near the airport and
Peterson Air Force Base, added
McKenna, who handled the sale
of the community with ARA’s
Saul Levy.
Constitution and Canada LP
sold the apartment property,
which comprises one-, two- and
three-bedroom units. It was
“well” occupied at the time of
sale.
Other News
n An industrial building in the
heart of Colorado Springs recent-
ly sold in an all-cash transaction.
Jupiter-Bar LLC paid $2.66 mil-
lion for the 44,465-square-foot
property on 5.11 acres at 2850
N. El Paso St., just to the south-
east of Fillmore Street and North
Nevada Avenue.
“The buyer is a longtime stu-
dent housing developer and
owner who purchased this
property in order to diver-
sify their holdings,” said Troy
Meyer. “They sold an apartment
complex in Fort Collins as the
downleg in their 1031 exchange.
This property was purchased
for existing income stream and
investment. ”
Meyer andKevinMatthews of
SVN/Denver Commercial along
with John Rodgers of Peak
Commercial Properties repre-
sented the seller, 2850 North El
Paso LLC. The buyer was repre-
sented by Steve Kawulok, also
of SVN/Denver Commercial.
Current tenants are Cintas
Corp. and Colorado Industrial
Packaging.
n A former Kindercare build-
ing in Monument traded for
$1.28 million.
Monument Occupational Ser-
vices LLC purchased the 8,580-sf
property, built in 2001, located
at 1150 Baptist Road, off Baptist
Road and Jackson Creek Park-
way, near Interstate 25, and adja-
cent to a King Soopers.
The seller was Michael Delia
Credit Shelter Trust, Angela
Delia, Barbara Huddleston,
JVDG Colorado LLC, David &
Pacita Patterson Trust, Quijano
Family LLC, The Tone Family
Trust, Joseph & Lynn Warren
Trust, Charles Westling and
Catherine Westling.
Ian Elfner of NavPoint Real
Estate Group represented the
seller.
n X-IO recently signed a new
office lease at Briargate Tech in
Colorado Springs.
It leased 14,302 sf at the build-
ing at 2375 Telstar Drive.
The landlord is Lincoln Proper-
ty Co./Colorado Springs Office
Buildings Inc.
X-IO was represented by Olive
Real Estate Group. The landlord
was represented by Greg Pha-
neuf of Colorado Springs Com-
mercial, a Cushman & Wake-
field Alliance.
n Quantum Commercial
Group Inc. recently released its
third-quarter figures on the Colo-
rado Springs market, including
The 180-unit Constitution Square community is a tax credit community.
Sentinel Real Estate Corp. acquired the Encore First & Main apartment community in Colorado Springs
in a record-setting sale. The buyer paid $67.3 million for the 315-unit community in a transaction that
represented not only the highest price ever paid in Colorado Springs but also pricing around $50,000 per
unit above the previous record sale – records not likely to be eclipsed soon due to the rarity of Class A-plus
product in the Colorado Springs market. KevinMcKenna, Saul Levy, Doug Andrews and Jeff Hawks of ARA
Newmark handled the sale of Encore First &Main, which was built in 2014. Nor’wood Development Group
sold the community at 6102 Olmstead Point.
Apartment sale sets record not soon to be eclipsed