Evergreen Real Estate Services, a Chicago-based investment group, purchased Western Hills apartment complex at 810 Western Drive, for $13.2 million, according to a press release.
FPA Multifamily from San Francisco sold the units, which were at 94 percent capacity, to the Chicago group. ARA Newmark represented the seller. FPA specializes in the acquisition, renovation and management of core-plus and workforce housing apartment communities.
While it’s the first purchase for Evergreen in Colorado, the company owns 4,600 units in five Midwestern states. And ARA Newmark says it’s a trend that is growing in Colorado Springs.
“Over half of ARA Newmark’s Colorado Springs sales this year have been from buyers making their first purchase in the sate,” said Kevin McKenna, executive managing director for ARA. “Investment groups new to this market are finding great value in Colorado Springs.”
Constructed in 1985, Western Hills is a 152-unit property that includes one and two-bedroom floor plans spread among six buildings. The seller recently completed $200,000 in renovations to the exterior and common areas, including a leasing center, clubhouse and fitness center.
“Given the upgrades already completed by the seller, the buyer will be able to focus attention on unit interior renovations, which have only seen minimal upgrades in recent years,” said McKenna.