Colorado Real Estate Journal - December 16, 2015

Verde Meadows sells to Radford Investment for $3.85M

by Jennifer Hayes

---

Radford Investment Properties added to its Colorado Springs portfolio with its acquisition of Verde Meadows.

‘Timing is very
important in real
estate and we
were fortunate to
have been able
to interest two
separate groups in
the acquisition of
Verde Meadows
at the same time,
even though we
weren’t actively
marketing the
property.’

– Bill Morkes, Colliers
International Denver
Multifamily Advisory Group



The buyer paid $3.85 million for the 100-unit community at 1430 S. Chelton Road – a sister property to Alvarado Place, which Radford Investment Properties acquired earlier this year. “We are very familiar with this type of property as three of our Colorado Springs properties, including Verde Meadows, were built by the same developer,” explained Greg Morris, principal with Radford Investment Properties.

“We plan to implement a renovation program very similar to the one we are using at Alvarado Place,” added Michael Foester, principal with Radford Investment Properties.

A private seller out of Colorado Springs sold the community, built in 1983, in an off-market transaction. “Timing is very important in real estate and we were fortunate to have been able to interest two separate groups in the acquisition of Verde Meadows at the same time, even though we weren’t actively marketing the property,” said Bill Morkes of Colliers International Denver Multifamily Advisory Group. “We had a good understanding of what the seller was looking for and what type of buyer would be suitable for the acquisition. After selling Alvarado Place to Radford Investment Properties earlier in the year, we knew they would be a likely candidate for Verde,” noted Craig Stack, also of Colliers International Denver Multifamily Advisory Group.

Morkes and Stack represented the seller in the transaction.

“The second buyer was coming out of an exchange and had proactively reached out to us in hopes of helping them find a suitable replacement property. Though their offer ultimately didn’t win, we think they are a great buyer for similar properties in the market,” added Morkes. The community features a mix of junior one-bedroom, one-bedroom and two-bedroom apartments that were around 95 percent occupied at the time of sale. The property includes a swimming pool, spa and laundry room. When originally built, Verde Meadows and Alvarado Place were sister properties, owned and operated by the same company. With this latest acquisition, Radford hopes to achieve many of the same operational efficiencies originally envisioned by the developer, added Morkes.

With the acquisition, Radford Investment Properties owns 410 units in Colorado Springs.