An Atlanta-based student housing operator has acquired a 71-unit student housing project adjacent to the University of Colorado’s Colorado Springs campus.

Student Quarters purchased The Lookout on Gragmor from Kansas-based Newsome Development, a boutique real estate development and investment firm.

“The Lookout on Cragmor is a rare, first-of-its-kind investment opportunity in the booming Colorado Springs market,” said Saul Levy, director of the ARA Newmark Student Housing team.

Levy, along with Executive Managing Directors Kevin McKenna and Ryan Lang, represented Newsome.

The Lookout, at 10 Cragmor Village Road, is within walking distance of UCCCS’ core-campus facilities, such as the University Library and Dwire Hall, which houses the colleges of business administration, sports management and languages and cultures.

The property was delivered at the start of the 2016-17 school year. Its high-end finishes include granite countertops, stainless steel appliances, nine-foot ceilings, full-size front-loading washers and dryers and Aquatherm heating and cooling. Each unit comes fully furnished with a large flat-screen TV and fully equipped kitchen.

The university has added 1.1M SF of new or renovated space to its Colorado Springs campus since 2010 and is anticipating an additional $150M in facilities by 2020.