COLORADO SPRINGS-Lowe Enterprises of Los Angeles has acquired two adjacent apartment properties here in partnership with Chicago-based investment manager Blue Vista Capital. The partnership paid $31.2 million for Tanager Meadows and Lark Haven Apartments, which have 528 units that are operated as a single community. The seller was Denver-based Sevo Miller.

The two properties sit on 20.95 acres at 1310 Michelle Ct. and 1432 Sandalwood Dr., approximately 2.5 miles from Downtown. The complexes were built in 1985 and renovated in 2002 and again in 2005. The combined properties include 30 three-story buildings. Occupancy is currently 92%.

The joint venture is planning to invest an additional $1.3 million in modernizing and improving the apartment community. The JV plans to upgrade the landscaping, redesign the clubhouse, remodel the fitness center, upgrade the playgrounds and modernize individual units. The development also offers a pool and volleyball courts.

Maxim Real Estate Investments, a Parker-based multifamily investment firm, will provide asset management services and manage the capital improvement program. Pinnacle will serve as property manager.

Lowe Enterprises acquired the properties on behalf of Lowe Enterprises Real Estate Income and Growth Partners, a $201-million value-added investment fund that targets commercial and multifamily investments nationwide.

Lowe Enterprises managing director Brad Howe says the investment represents is its first apartment buy in Colorado Springs, where the company expects to see an improving general economy and continued population growth. "With negligible new apartment development in recent years and continuing strong demand, these communities offer a solid investment opportunity in a growth market," says Steve Nesterak, president of Lowe Enterprises Real Estate Group's Central Commercial Division.

While it may be making its first apartment buy in the region, Lowe Enterprises has been active in the market in other sectors. It currently is developing a 130,000-sf build-to-suit office building for Northrop Grumman at Colorado Springs Airport Business Park. In Douglas County, Lowe is currently developing Macanta, a new 2,000-acre residential and golf community. At Tower Road and Interstate 70, Lowe recently completed Eastpark 70, a 110-acre warehouse and distribution center. At I-70 and Pecos, the company recently completed Centerpark, a 540,000-sf distribution center.