Apartment vacancies down, sales increase

Eight apartment properties sold in Colorado Springs during the third quarter of this year. Those are big sales figures, said Doug Carter, an apartment broker with Sperry Van Ness and publisher of the quarterly Apartment Insights market analysis. There’s good reason for a surge in apartment property sales, Carter said. The vacancy rate dropped to […]

Report: Apartment vacancy drops, rents rise

While Colorado Springs apartment vacancy rates fell in the second quarter, rents increased. Apartment Insights, a quarterly apartment market report put together by apartment broker Doug Carter at Sperry Van Ness, reported a city-wide vacancy rate of 6.38 percent. The average rent increased $7 from the first quarter to $747 per unit. Rent citywide is […]

Denver company buys another Springs apartment complex

LLX Central Development purchased the 110-unit Amber Ridge Apartments at 2963 E. Bijou St. late last month. The Denver company paid $3.13 million for the property, built in 1995. It was originally constructed as the second phase of the 90-unit Cottonwood Park complex. The Amber Ridge complex was a stable 95-percent leased complex at the […]

Nor’Wood starts construction on Rockrimmon apartments

Nor’Wood Development Group started construction last week on the second of three recently announced apartment projects. The North Pointe Apartments near the intersection of Rockrimmon Boulevard and Delmonico Street will include 260 one-, two- and three-bedroom units. “The first of the buildings will be delivered late next spring,” said Nor’Wood vice president Steve Sharkey. The […]

Springs apartment vacancy above state average

Apartment vacancy rates in Colorado Springs were above the state average in the first quarter of this year. The city was also just one of a few metro areas in the state where vacancy rates were higher than last year. The vacancy rate was 6.4 percent in Colorado Springs, which was up from 5.8 percent […]

Seagate purchases third complex in 10 months

Seagate Properties just purchased its third apartment complex in the past 10 months in Colorado Springs. The California-based investment company bought Sunset Creek Apartments, a 310-unit apartment complex, located at 5400 N. Nevada Ave. The purchase price was $20.5 million. “Sunset Creek was an off-market opportunity to acquire a well-located, low-density community with great potential,” […]

Seagate purchases fourth apartment complex in Springs

Seagate Properties purchased a 190-unit garden-style apartment building on Southgate road for $9.7 million. Copper Chase Apartments is the fourth purchase by the company. It also bought Cascade Park Apartments, Boulder Crescent Apartments and Filmore Ridge Apartments. They own the Dakota at Governor’s Ranch in Littleton, as well. Trent Isgring, who opened the company’s Denver […]

Apt. builders brush off overbuilding concerns

Despite fourth quarter apartment vacancy increases and rental-rate declines, Colorado Springs real estate insiders say the market is still on the upswing and will be able to support new development. Year over year, fourth quarter vacancies in Colorado Springs apartments were down, according to two reports — a statewide report from the Colorado Division of […]