CBRE Brokers 37 Million Sale of One330 Apartments in Colorado Springs
03 Jan 2020
CBRE announced today the sale of One330 Apartments,a 149-unit multifamily property located at 1330 Kelly Johnson Boulevard in Colorado Springs, Colo. Dan Woodward, David Potarf, Matt Barnett and Jake Young with CBRE Capital Markets represented the seller, The Garrett Companies from Greenwood, Ind. Cortland Partners from Atlanta, Ga., purchased the property in a sale that closed Dec. 17.
“The Colorado Springs multifamily market continues to attract aggressive capital, including institutional equity, compressing cap rates across the board,” said Dan Woodward, Executive Vice President, CBRE. “The greater metro offers excellent economic drivers with some of the best job growth in the country, several major growth announcements and a significantly smaller new construction pipeline to navigate.”
“One330 is situated in a well-established area of central Colorado Springs with easy access to I-25 while offering high-end, Class A amenities to an area starved for new multifamily development. The property closed at final certificate of occupancy, highlighting the desire for high quality, well-located product, while the buyer was able to leverage efficiencies with their market presence,”added Jake Young, First Vice President, CBRE.
The 151,412-sq.-ft. property is located east of Ronald Reagan Highway (I-25) in North Colorado Springs, near the US Air Force Academy and Cheyenne Mountain Zoo. One330 offers one-, two-, and three-bedroom apartment homes. Community amenities include a resident lounge, business center, 24-hour fitness center, off-leash pet park, detached and attached garages, on-site storage units, resort-style pool, grilling locations and an outdoor fire pit with seating areas.
In Q3 CBRE reported that U.S. multifamily vacancy fell to 3.6% in Q3, down 40 basis points from the prior year and the lowest level since 2000. According to CBRE’s Real Estate Market Outlook 2020 report, Colorado Springs has been identified as one of seven suburban multifamily markets that will likely outperform market averages in 2020.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.