August 22, 2017

High rents drive record-sale prices for Colorado Springs-area apartments

COLORADO SPRINGS – New York City-based Rivendell Global Real Estate paid $44.5 million this month for the 194-unit Commons at Briargate – a record price of $229,000 per unit for a Springs-area apartment property, according to the Denver office of ARA Newmark.

The Colorado Springs Gazette reports that it’s the second time the Commons at Briargate has sold in two years; the Lyon Living and Barings Real Estate group bought it for $33.3 million in April 2015, El Paso County land records show.

At that time, the sale yielded a record per-unit price, although subsequent purchases eclipsed that record, said Kevin McKenna, ARA Newmark’s executive managing director in Denver.

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Average Springs-area rents soared to a little more than $1,140 a month in the second quarter of 2017 – the ninth consecutive quarterly record, according to the Colorado Division of Housing and Apartment Association of Southern Colorado.

 

COLORADO SPRINGS – New York City-based Rivendell Global Real Estate paid $44.5 million this month for the 194-unit Commons at Briargate – a record price of $229,000 per unit for a Springs-area apartment property, according to the Denver office of ARA Newmark.

The Colorado Springs Gazette reports that it’s the second time the Commons at Briargate has sold in two years; the Lyon Living and Barings Real Estate group bought it for $33.3 million in April 2015, El Paso County land records show.

At that time, the sale yielded a record per-unit price, although subsequent purchases eclipsed that record,…

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