Colorado Real Estate Journal - September 2, 2015
A Denver-based firm added its second Colorado Springs apartment community to its portfolio with its acquisition of the Parc at Briargate. Coughlin & Co. paid $23.5 million, or $119,898 per unit, for the 196-unit property located at 8175 Summerset Drive. “We are looking to grow our Colorado Springs portfolio,” said Denny Coughlin of Coughlin & Co. “We think that there are strong fundamentals in the market. “Parc at Briargate is a wellrun, well-maintained property. It’s a solid asset,” he added. Last upgraded in 2007, Coughlin & Co. anticipates spending “just north” of $1.1 million in capital improvements to the community. Work includes replacing roofs, updating landscaping and other general upgrades. Constructed in 1984, the one and two-bedroom community was 97 percent occupied at the time of sale, noted David Potarf of CBRE, who represented the seller with CBRE’s Dan Woodward, Matt Barnett and Jake Young. Holland Residential, part of Holland Partner Group, sold the property, the last in Colorado Springs that was part of a larger portfolio of properties in the Springs and metro Denver Holland was selling. Brady O’Donnell of CBRE arranged the financing. There were multiple offers on the asset, added Potarf. Parc at Briargate, located two blocks from Chapel Hills Mall, includes a heated pool and spa, fitness center, business center, tennis court and reserved parking. Apartments feature washers and dryers, updated kitchens, fireplaces and walk-in closets. The acquisition by Coughlin & Co. is the second in the market in a little over a year. In July 2014, it paid $12.13 million for the 150-unit Copper Chase community on Southgate Road. Other News USA Synchro will relocate its headquarters to Colorado Springs by year’s end. Over the past several years Colorado Springs has been a centralized location for USA Synchro in areas including athlete training and education. “Being in the same city as the United States Olympic Committee, the Olympic Training Center and more than 20 other national governing bodies will give us the opportunity to have a much higher level of interaction and allow USA Synchro to utilize this resource on a regular basis,” said Kevin Warner, USA Synchro CEO. “We are thrilled that U.S. Synchronized Swimming Inc. has decided to join the growing list of Olympic sports organizations that call Colorado Springs home. With preparations being made to break ground on the U.S. Olympic Museum next spring, this announcement adds to the momentum the community is gaining as the premier location for Olympic and amateur sports,” said Dirk Draper, president and CEO of the Colorado Springs Regional Business Alliance. “The Sports Corp. along with the El Pomar Foundation and the Business Alliance are delighted to have assisted USA Synchro through this decision-making process over the past several months, and we are excited to welcome them to America's Olympic City,” said Tom Osborne, president and CEO of the Colorado Springs Sports Corp. U.S. Synchronized Swimming Inc., established in 1979, moved to Indianapolis in 1983, as part of a campaign to grow amateur sports in the city. “We will miss Indianapolis and everything the city has to offer, but now we will look forward to the opportunities that are available to us in Colorado Springs. We want to thank the city of Indianapolis for being a wonderful location for our sport and organization for more than 30 years,” Warner said. “We began as a national governing body in Indianapolis and look forward to future events being held in the city.” The Colorado Springs Downtown Development Authority, in partnership with the city of Colorado Springs, has launched a nine-month initiative to update and enhance the Imagine Downtown land use master plan. The plan, which was adopted in 2009, engaged more than 400 stakeholders in informational sessions, work groups and focus groups over a two-year period. This plan update will identify key public and private sector improvements to bolster downtown’s economy, improve mobility, enhance parks and open spaces, and promote a more livable city center in the coming years. Specific goals of the plan update include furthering the vision of Imagine Downtown, updating with greater emphasis on public spaces and access/mobility opportunities that address pedestrian, cycling, automobile and transit and develop a market-based approach to implementation, with an understanding of current national trends favoring urban environments. DDA has engaged the services of two firms for the update: Progressive Urban Management Associates, based in Denver, and MIG, based in California with offices in Denver. The Imagine Downtown Master Plan update process will utilize the expertise and input of a diverse Technical Advisory Committee, as well as stakeholder engagement through interviews, focus groups, and community forums. “Downtown Colorado Springs has seen over $300 million in announced or completed development since 2013, most of which is reflective of the vision established by Imagine Downtown,” said Sarah Harris, director of business development and economic vitality for Downtown Colorado Springs. “We are preparing for the next cycle, ensuring that we have both the vision and the tools in place to see our city center grow and compete with comparable urban markets.”