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January 3-16, 2018 - Page 21
Two North Cascade Avenue, Suite 300 Colorado Springs, Colorado 80903
(719) 577-0044 O FAX (719) 577-0048 O
is pleased to announce the following lease transactions:
24,000 Square Feet
Department of the Air Force
2510 Aviation Way
Colorado Springs, CO 80916
13,387 Square Feet
SEFNCO Communications, Inc
1120-1140 Moreno Drive
Colorado Springs, CO 80906
Principal & Senior Broker Randy Churchill Dowis and
Paul Engel , Senior Broker represented the parties in this transaction
Principals & Senior Brokers Bob Garner and
Randy Churchill Dowis represented the Landlord in this transaction
Colorado Springs/So. Front Range
by Jennifer Hayes
Monument’s newest, market-
rate apartment property recently
sold for $57.82 million.
The buyer, a private investment
group, paid more than $216,000
per unit for the Vistas at Jack-
son Creek, a 267-unit community
approximately one-half mile east
of Interstate 25.
“Colorado Springs is one of the
top-performing apartment mar-
kets in the country currently and
northern Colorado Springs, which
includes Mon-
ument, has
some of the
area’s highest
rents,” said
Nick Steele,
senior associ-
ate, Marcus
& Millichap,
noting the Vis-
tas at Jackson
Creek to his knowledge is the only
newly built, market-rate property
in the entire town, which boosted
its appeal.
Additionally, “Vistas at Jackson
Creek is positioned to benefit from
the continued strengthof theColo-
rado Springs market as well as
rapidly growing suburban Den-
ver communities to the north. The
asset should prove to be a well-
considered investment for our cli-
ents for years to come.”
Steele along with Marcus &
Millichap’s Jacob Steele, first vice
president of investments, rep-
resented the buyer, which pur-
chased the property as part of a
1031 exchange. The two also rep-
resented the group on the sale of
its relinquished property as well.
Built on more than 14 acres at
16112 Old Forest Point, the two-
phased community was built in
2014and2016, and is locatedsouth
of downtownMonument off Jack-
son Creek Parkway. Vistas at Jack-
son Creek features a mix of one-,
two- and three-bedroom units in
12 three-story walk-up buildings.
Amenities include a clubhouse,
playground, dog wash station,
swimming pool/hot tub, fitness
center, business center, guest suite,
detached garages and a coffee bar.
In-unit features include custom
cabinetry, granite countertops,
washers/dryers, walk-in closets
andwood-plank flooring. InOcto-
ber, Vistas at JacksonCreek earned
the U.S. Environmental Protection
Agency’s Energy Star certification.
At the time of sale, the com-
munity was between 97 and 98
percent occupied.
Vistas at Jackson Creekwas sold
by CSI Construction.
PGIM Real Estate Finance, the
commercial mortgage finance
business of PGIM, the global
investment management business
of Prudential Financial Inc., pro-
vided a $48.13 million loan for the
acquisition.
Marcus & Millichap Capital
Corp. arranged the loan. The
by Jennifer Hayes
A high-rise apartment
property in Colorado Springs
sold to a New York-based
buyer for $9 million.
Emerald Towers, a 73-unit
apartment building at 107 W.
Cheyenne Road, was a high-
ly sought-after asset with
more than 20 bids received
on the building.
Greg Price, a senior direc-
tor of Marcus & Millichap’s
National Multi Housing
Group, represented the sell-
er, a private investor. He also
procured the buyer.
Acclaimed developer
Roland Wilson constructed
Emerald Towers in 1967.
The Broadmoor area apart-
ment building features seven
floors, in addition to a base-
ment and rooftop. Emerald
Towers features a mix of stu-
dio, one- and two-bedroom
units, each with large, pri-
vate balconies. Amenities
include an Olympic-sized
swimming pool and a large
courtyard area.
The buyer plans to upgrade
units and all the common
areas.▲
Located in the Broadmoor area, Emerald Towers, constructed in
1967, will undergo renovations to all its units. The 267-unit Vistas at Jackson Creek is the newest market-rate apartment
community in Monument.
Nick Steele