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Multifamily Investors Look to Colorado Springs

Denver Multifamily

Investor interest in Colorado multifamily reaches beyond Denver. In one of the first multifamily deals of the new year, a syndicate advised by American Capital Realty Partners acquired the 122-unit Citadel Village at 913 N Chelton in Colorado Springs for $9.5M. According to ARA Colorado’s Kevin McKenna, who repped the seller along with colleague Saul Levy, the location of the property near Academy Boulevard--and its 1M SF of retail--is hard to replicate. During ’14, he adds, Colorado Springs had one of the tightest apartment markets in the state, with vacancy at about 4.8%.