CBRE Completes $72.5 Million Sale of the Creekside at Palmer Park Apartments in Colorado Springs
17 Dec 2018
Sale Marks Colorado Springs’ Largest Single-Property Multifamily Sale This Year By Number of Units
CBRE announced today that it has completed the $72.5 million sale of the Creekside at Palmer Park apartments, located at 1350 Cascade Creek View in Colorado Springs, Colorado. CBRE’s David Potarf, Dan Woodward, Matthew Barnett and Jake Young represented the seller, Colorado Springs-based Griffis/Blessing. The buyer, Buchanan Street Partners of Newport Beach, California, purchased the property in a sale that closed Dec. 7. Comprising 328 apartment homes, the deal marks Colorado Springs’ largest single-property multifamily sale this year by number of units.
“We saw incredible interest for Creekside at Palmer Park. The property has been owned by Griffis/Blessing since they developed it in 2003 with a focus on high-quality amenities, extensive attention to detail and large, almost 1,000-sq.-ft. average units. There is very little product of this vintage or newer in the surrounding area, and the location offers convenient access to quality employers and abundant retail offerings. The property is in excellent condition yet well-positioned for a value-add strategy,” said Jake Young, First Vice President with CBRE Capital Markets.
Creekside at Palmer Park includes 16 rental buildings totaling 325,700 rentable sq. ft. on 19.71 acres. Community amenities include a clubhouse/business center, fitness center, game room, swimming pool, hot tub and outdoor fire pit/lounge area. Prior to its sale, Griffis/Blessing completed renovations on approximately 20 percent of the units, including upgrades to appliances and fixtures.
“Creekside at Palmer Park is almost the perfect value-add property. It’s the right vintage, constructed in 2003, is extremely well built with good bones and amenities, and already has a proven renovation started with most of the property remaining, about 80 percent to go,” said David Potarf, Executive Vice President with CBRE Capital Markets.
The property is located along North Powers Boulevard/State Highway 21, just off Space Center Drive. It is within walking distance of a grocery-anchored retail center and a short drive to First & Main Town Center, the Colorado Springs Airport as well as downtown Colorado Springs.
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.