FPA Multifamily sold Villages at Woodmen, a six-building, 183-apartment complex at 1629 E. Woodmen Road for nearly $16.8 million to Vukota Capital Management, a private investment firm. ARA, a Newmark company, helped broker the sale.
Vukota Capital owns five properties in the metro Denver area, with Villages at Woodmen its first purchase in Colorado Springs, according to an ARA news release.
Built in 1971, Villages at Woodmen sold for $91,612 per unit, the second highest price-per-unit for a 1970s-constructed apartment property in Colorado Springs’ history, ARA said. It is 95 percent occupied, the release said.
ARA Executive Managing Director Kevin McKenna and Associate Saul Levy represented the seller, FPA Multifamily, in the transaction.
“There is not a more prominent intersection in the entire city than Academy Boulevard and Woodmen Road. This was a rare opportunity to acquire an apartment with some of the best visibility in Colorado Springs. There are over 100,000 vehicles that drive by Villages at Woodmen every day,” McKenna said.
The property’s location was a factor in securing the record-setting sale price.
FPA Multifamily is based in San Francisco. The company updated the exterior painting, clubhouse, both pool areas and renovated six units with stainless steel appliances, upgraded countertops, flooring and lighting before selling the property.