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California-based Alta Community Management has purchased Carefree Village Townhomes in Colorado Springs for $12.9M.
The 64-unit complex is composed of 64 three-bedroom, two-bathroom units with attached single-car garages.
“Market fundamentals and investor sentiment in Colorado Springs remain strong — low unemployment and an economy that continues to diversify has put upward pressure on wages and, in turn, has continued to drive rent growth marketwide,” said Cushman & Wakefield Director Tyler Stevens, who, with Senior Associate Steve Scrivener, represented the California-based seller, Compass Acquisition Partners. “Though vacancy has increased recently with the military deployment of over 10,000 troops, the overall rental market is healthy, and absorption of new multifamily product has been very strong.”
CORRECTION, JAN. 17, 11:40 A.M. MT: A previous version of this story incorrectly stated the sale was the highest price per unit for a pre-1990s multifamily property in Colorado Springs. The story has been updated.
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