The Willows at Printers Park has sold for $41 million, and its location just two miles east of downtown was a major draw for the new owner.
CBRE announced the sale of the property, located at Willow Tree Grove, today in a press release.
The Los Angeles-based real estate services and investment firm represented Griffis Blessing of Colorado Springs in the sale of the 220-unit multifamily community to Security Properties Inc. of Seattle, Washington.
“Investors were attracted to the opportunity because of its stable cash flow and clear value-add strategy while being owned and managed by a high-quality operator for more than a decade,” said Jake Young, vice president with CBRE Capital Markets, Multifamily Properties. “Other attributes that contributed to the high level of interest is the property’s proximity to quality jobs, including the immediate area’s medical-related base, while both downtown and the Colorado Springs Airport are within a short distance. Furthermore, there is minimal 1990s and newer built product in the area to compete against.”
Security Properties intends to continue renovations to units the prior ownership began as well as perform upgrades to the clubhouse and add more amenities, according to a Thursday press release from the company.
The apartment complex was built in 1999 and is described as a garden-style community, which includes walk-up townhome style units.
It has maintained a more than 95 percent occupancy over the last year.