Colorado Real Estate Journal - December 17, 2014
A syndicate advised by American Capital Realty Partners purchased a submarket-leading apartment community in Colorado 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. Chelton Road. “Citadel Village has always led the Rustic Hills submarket in terms of rent. It has a full amenity p a c k a g e , large units, great visibility and a park-like setting,” said Kevin McKenna of ARA Colorado. “A quarter of the units are two-story, three-bedroom, 2 ½-bath and townhouse-style units with washer and dryer hookups, which are extremely rare. In terms of location, 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, constructed in 1974. Hamilton Zanze invested $1.2 million in capital improvements, including a fully renovated leasing center, new roofs and gutters, new siding and paint, “significant” HVAC replacements and all new electrical panels. As a result of the improvements, the new owner plans to focus its attention on unit upgrades and revenue generating 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 Boulevard. It features one- and two-bedroom units, a swimming pool, playground and controlled entry. The sale represents American Capital Realty Partners’ second involvement in an apartment purchase in Colorado Springs in the past 24 months.