A recently-constructed apartment complex in north Colorado Springs has sold for $66.5 million.
Newmark Knight Frank Multifamily, which facilitated the sale of Overlook at Interquest at 11124 Cedar Glen View, announced the transaction in a Monday press release.
The California-based buyer, NALS Apartment Homes, purchased the complex — comprised of 264 units at 80 percent occupancy — for $251,894 per unit.
Newmark Knight Frank Multifamily’s Executive Managing Director Kevin McKenna and Director Saul Levy represented an undisclosed seller in the sale.
“A recent trend in the Denver multifamily market is the increase in pre-stabilized asset sales. Pre-stabilized sales bring value to the seller/developer by allowing them to more quickly transition capital into new projects,” McKenna said in the release. “The sale of Overlook at Interquest is the first pre-stabilized asset sale in Colorado Springs and it characterizes the continued closing of the economic gap between Colorado Springs and metro Denver.”
Built in 2018, Overlook at Interquest is among 8 other Class A+ properties to be constructed in Colorado Springs during the past five years, according to the release.
“Overlook at Interquest is at the epicenter of growth as Colorado Springs continues to expand to the north, with a population which has doubled since 2010 and is expected to increase by 5.77 percent every year for the next five years,” the release said. “It is also among the top five in the nation for job growth and has 10 percent wage growth.
“The property’s surrounding demographics are some of the highest in the Colorado Springs metro area. Within two miles of the asset, the average household income is $139,243 which is 52 percent higher than the Colorado average. The average single family home value within two miles of the property is $518,743.”