Colorado Real Estate Journal - September 2, 2015
A Chicago-based investment group made its first Colorado purchase with its $13.25 million buy of Western Hills. Evergreen Real Estate Services paid $87,171 per unit for the 152-unit community that consists of one- and two-bedroom floor plans in six buildings. FPA Multifamily LLC, a private equity real estate firm, sold the property at 810 Western Drive in Colorado Springs. It was represented in the sale by Kevin McKenna and Saul Levy of ARA Newmark. “Over half of ARA Newmark’s Colorado Springs sales this year have been from buyers making their first purchase in the state – investment groups new to this market are finding great value here in Colorado Springs,” said McKenna. The seller recently completed $200,000 in renovations to Western Hill’s exterior and common areas, including the leasing center, clubhouse and fitness center. “Given the work done by the seller, the buyer will be able to focus their attention on the unit interior renovations that have only seen minimal upgrades in the past few years,” McKenna added. Located minutes from Colorado Springs Municipal Airport as well as several nearby defense contractors, distribution companies and Sierra Nevada Corp.’s planned $88 million facility, which will create more than 2,100 jobs. “There has been a lot of exciting job growth in the area surrounding Western Hills. In addition to Sierra Nevada, Raytheon announced plans to hire another 600 employees and FedEx is building a brand new $20 million distribution center. Western Hills will be able to attract many of these highly skilled and educated residents moving to the area for years to come,” said McKenna. Built in 1985, Western Hills is one of the newest in the submarket and primarily competes with properties that are 10 to 20 years older. Evergreen Real Estate Services owns more than 4,600 units across five states in the greater Midwest.