ARA Colorado’s Saul Levy tells us in the year since it opened, the Ivywild School redevelopment in Colorado Springs has caused a resurgence of interest in the area, including investor interest. The formerly vacant elementary school now sports the likes of the Bristol Brewing Co, the Old School Bakery, and the Meat Locker—all specialty retailers that are doing very well for themselves. It’s only the beginning of the change in the neighborhood, Saul says, as young professionals are being attracted here.
So are property buyers. Recently Saul and colleague Kevin McKenna repped Scott Gray, a private local owner, in the sale of the 14-unit Drakestone Townhomes near Ivywild. The buyer was Inge Wartian, a private investor from California, making her first foray into Colorado Springs. Because of the changing demographics of the area, the buyer achieved a strong price, Saul says, but the seller ought to have room for rent growth.
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