Colorado Real Estate Journal - December 16, 2015
A newly completed Colorado Springs apartment asset sold to an undisclosed buyer for $9.06 million, or $150,917 per unit. An undisclosed buyer purchased the Alturas at Bell Tower, a 60-unit community at 1130 Bell Tower Heights. Constructed in 2013, the property received a significant amount of attention due to its notable upside in rents, condominium-quality finishes, proximity to multiple employment developments in Colorado Springs and its unique place in the market, noted Kevin McKenna and Saul Levy of ARA Newmark. There have been no conventional multi-housing properties built within a five-mile radius of the property in the last 10 years and, as such, Alturas at Bell Tower is one of the very few Class A communities in the entire submarket. “This was the only market-rate apartment community built in the last 20 years under 100 units in Colorado Springs,” explained McKenna, who, with Levy, represented the seller, All Pro Capital. “Typically, the only option is to buy an asset under $10 million with buildings over 40 years old. In addition, it is not often you find new construction available for a significant discount-to-replacement cost. As a result, we had a number of aggressive buyers jumping at the opportunity.” Alturas at Bell Tower garnered double-digit offers with the winning bidder exceeding list price. “The seller did a fantastic job developing the property and their timing could not have been better. Costs have increased significantly since the time of construction and the market continues to be very strong,” added McKenna. At the time of sale, the community was 97 percent occupied. Other News Catholic Health Initiatives Foundation recently leased 12,274 square feet of office space at 1150 Kelly Johnson Blvd. in Colorado Springs. It leased the space from FN LLC. Mary Frances Cowan and Russell Stroud of Quantum Commercial Group Inc. along with Gary Hollenbeck of Palmer McAllister were the listing brokers. Thomas Powell of Equity Colorado Real Estate was the cooperating broker. Walter Kidde Portable Equipment LLC expanded its lease at the Centennial Technology Center in Colorado Springs. The firm, which specializes in the research and development of consumer safety products, expanded and extended its lease at the property at 4820 Centennial Blvd., which brought the two-building, 110,000-sf tech center to 100 percent occupancy. The transaction size was 17,076 sf. NAI Highland LLC’s Paul W. Engel represented the landlord, NetREIT Centennial LLC. Peter Scoville and Greg Phaneuf of Colorado Springs Commercial, a Cushman & Wakefield Alliance represented the lessee.