One of Colorado Springs’ largest apartment complexes now has a new owner.
ARA Newmark announced the record sale of Vue21, located at 4610 Nautilus Peak View, from PASSCO Companies LLC to White Oak Partners, in a news release.
The El Paso County Assessor’s Office recorded the sale price for the apartment complex at $77.6 million.
“Vue21 is an excellent property in an irreplaceable location,” Jeff Olshan, senior vice president of multifamily investments at PASSCO, said in the news release. “We recognized the potential of the asset when we acquired it nearly five years ago, due to the property’s Class A features and position in a submarket experiencing strong employment and population growth. During our ownership, we strategically increased the value of the asset, and recognized that now was the right time to sell.”
White Oak Partners is a private real estate investment firm based in Ohio.
The company’s first purchase in Colorado brought both the highest total sale price and the highest per-unit price ever achieved in the Springs, according to the release.
The apartment complex is described as an upscale, master-planned Cordera development, which includes a state-of-the-art community center, a five-acre grand lawn, an underground pedestrian underpass and multiple parks.
“Vue21 is one of the most unique properties in Colorado Springs — a Class A, well-located asset with good demographics, in the path of growth and with immediate rent upside,” McKenna said. “The 2009-built property’s finishes, Formica countertops and black appliance packages, make it a great candidate for a targeted renovation program. However, with floor plans averaging over 1,000 square feet, nine-foot ceilings, and the islands in every unit kitchen, the asset can easily compete with newer assets.”
The UCHealth Memorial Hospital North and its $110-million, 134,000-square-foot Children’s Hospital expansion, which is set to be completed in 2018, is across the street from the property.