CBRE Completes $27 Million Sale of Woodland Hills Apartments in Colorado Springs
17 Dec 2018
CBRE announced today that it completed the $27 million sale of the Woodland Hills apartment community located at 2880 Woodland Hills Drive in northern Colorado Springs. CBRE’s Dan Woodward, David Potarf, Matthew Barnett and Jake Young represented the seller, Griffis/Blessing of Colorado Springs. The buyer, Priderock Capital Partners of West Palm Beach, Florida, purchased the property in a sale that closed Dec. 7.
“Woodland Hills was attractive to investors because it provided stable incoming cash flow along with the potential to add value through continued renovations. Griffis/Blessing has maintained the property extremely well, and both the property and surrounding area have seen strong recent leasing activity. Woodland Hills also offers a great location in northern Colorado Springs with incredible mountain views and excellent visibility along both Union Boulevard and Woodmen Road,” said Jake Young, First Vice President with CBRE Capital Markets.
Built in 1984, Woodland Hills consists of 160 apartment homes across seven rental buildings on 9.72 acres, including one and two-bedroom floor plans. Prior to the sale, Griffis/Blessing invested over $2 million on recent capital improvements, including a remodeled pool/spa/barbecue area, upgraded clubhouse/sauna/fitness center, improved parking lot, new landscaping, enhanced security systems and window replacements. In addition to community amenities, the seller began a unit renovation program. To date, 14 units have been fully renovated, including upgrades to flooring, appliances, hardware/fixtures and lighting as well as resurfaced countertops.
“Due to the area’s growing economy and coveted quality of life, single family home prices in Colorado Springs are achieving record price appreciation and are still some of the fastest growing in the nation. This only serves to increase the appeal of rentable housing options like Woodland Hills, which combine a well-established, suburban location with convenient access to major job, retail, recreation and education centers,” said Dan Woodward, Executive Vice President with CBRE Capital Markets.
Woodland Hills is situated at the southeast corner of North Union Boulevard and East Woodmen Road. Approximately 9 million sq. ft. of retail is located within three miles or less of the property, including the Academy retail corridor and the University Village shopping center. The U.S. Air Force Academy, Colorado College and the University of Colorado at Colorado Springs are all within a 10-minute drive. Woodland Hills also offers access to 1,000 acres of nearby outdoor recreation space, including Cottonwood Creek Trail, Pulpit Rock Park and the Austin Bluffs Open Space.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.