Colorado Real Estate Journal -
California-based Green Leaf Partners recently made its first multifamily acquisition in Colorado Springs with its purchase of the Broadmoor Villas. Green Leaf paid $9.7 million, or $96,040 per unit, for the 101-unit community at 25 E. Sommerlyn Road. ARA’s Kevin McKenna, Ken Greene, Jeff Hawks and Doug Andrews represented the seller, Griffis Residential, in the transaction. “It’s hard to find a better location for an apartment community given the prestige of the Broadmoor area, the demographics, school district, proximity to retail and high barriers to entry. The sellers did a fantastic job doing a complete renovation of the interior and exterior of the asset. Constructed in 1969, it’s one of the nicest communities built within its timeframe in the entire metro area,” said McKenna. At the time of sale, Broadmoor Villas was 93 percent occupied. Broadmoor Villas comprises studio, one- and two-bedroom units, which include dishwashers, air conditioning and microwaves. The community features a computer room, swimming pool, laundry room, spa, and weight and exercise room. Other News n Twenty-one commercial and residential properties are set to go on the block March 12 from the SRKO Family LP and the Jannie Richardson bankruptcy estates owned by longtime Colorado Springs developer Jannie Richardson. Richardson also was the developer of Colorado Crossing, a proposed 153-acre, mixed-use development in northern Colorado Springs. Randel Lewis, who heads Denver-based Western Receiver, Trustee & Consulting Services Ltd. was appointed as trustee to oversee the bankruptcy in 2011 and has retained NRC Realty & Capital Advisors LLC of Chicago to conduct the auction of the properties. The 70,200-square-foot Montebello Plaza office property at 5540, 5426, 5446 and 5526 N. Academy Blvd. is one of several Colorado Springs properties included in the bankruptcy auction. Also a 20,425-sf redevelopment site at North Wahsatch and East Kiowa Street and a 32.5-acre site in Oak Valley Ranch are up for auction, along with two single-family properties in the city as well two single-family properties in Manitou Springs. “Montebello Plaza is a fantastic opportunity for investors or endusers to purchase one or more buildings for a fraction of their reproduction cost,” Evan Gladstone, NRC executive managing director, said in a release. “The upside here could be enormous. The land and houses in this sale are interesting investor or enduser opportunities as well and we expect all the properties to be sold through the sealed-bid auction.” A pair of development sites in Castle Rock of 61.5 acres and 14 acres also are up for auction. Other properties include two condo units in Denver, an office building in Arizona and singlefamily properties in Texas. The properties are being sold through a sealed-bid auction with bids due March 12. Properties are being sold under 363 of the bankruptcy code, free and clear of all liens. -Springs Rescue Mission recently acquired a 10,700-sf industrial facility at 23 and 25 Las Vegas St. It paid $608,500 for the property, which was sold by Tayco Screen Printing and Embroidery. The sale is part of Tayco’s relocation of its operations to 117 S. Nevada Ave. following completion of renovations after acquiring the property in mid-2012. It opened its new location in January. Sam Cameron of Cameron Butcher was the tenant broker. Mike Helwege of Colorado Springs Commercial was the landlord broker. -Creative Outdoor Living recently leased 16,400 sf of industrial space at 802 Garden of the Gods Road in Colorado Springs. It leased the space from KRA Investments LLC. The landlord broker was Mike Helwege of Colorado Springs Commercial. Steve Leigh of Hoff & Leigh was the tenant broker. -Apogee Engineering LLC leased 7,637-sf of space at the Research Corporate Center in Colorado Springs. The tenant leased the space at 8610 Explorer Drive from Brookwood Research Center. Russ Pitts of Coldwell Banker Commercial represented the tenant. Brian Wagner and Mark O’Donnell of Sierra Commercial Real Estate represented the landlord. -Advance Stores Co. leased 7,488 sf of retail space in Colorado Springs. The auto parts store leased the space at 725 Cheyenne Meadows Road from Shrihal Properties. Mark Useman and David Price of Sierra Commercial Real Estate represented the landlord. SullivanHayes was the cooperating firm.