Colorado Real Estate Journal - December 3, 2014
A Denver-based privately owned real estate firm specializing in property investment and renovation added its first Colorado Springs asset to its portfolio. Radford Investment Properties acquired the Point of View Apartments for $7.13 million, according to public records. The purchase represents not only the first acquisition by Radford in Colorado Springs but also its biggest asset in its portfolio, noted Greg Morris, owner of Radford Investment Properties. Radford currently is improving 22 unoccupied units for which renovations will be complete by year-end, Morris added. Long term, Radford Investment will update the balance of the 210-unit community as units turn over. Additionally, the new owner will renovate the leasing office, add an exercise facility and is renaming the community along East Pikes Peak Avenue in the eastern portion of the city to Peak 4420. “We think Colorado Springs is well positioned for the value-add investor purchasing apartment properties,” added Transwestern Senior Vice President Tom Wanberg, who represented seller Blue Valley Apartments Inc. with Transwestern’s John Blackshire and Stacey Brady. “Rent growth has been moderate the last few years but we think that is changing. As we look forward to 2015, it appears it’s going to be a terrific year for apartment owners in Colorado Springs. Not only is the vacancy rate extremely low but the city has a very narrow pipeline for new apartment construction.” Built in 1985, Peak 4420 underwent recent improvements, including new roofs for all seven buildings that comprise the community. Peak 4420 features a mix of 60 percent “junior units,” 20 percent one-bedroom units and 20 percent two-bedrooms ranging from 520 to 850 square feet. The community also includes two laundry rooms, a heated swimming pool, a barbecue area and a playground. Radford Investment Properties is looking to acquire additional properties in Colorado Springs and the Front Range.