Two Adjacent Multifamily Properties in Colorado Springs Sell for $74M
The newly renovated apartments are in the Palmer Park submarket.
An affiliate of The Axton Group and The Bascom Group has closed on the sale of two multifamily communities, Park at Penrose and Park at Palmer for $74.1 million. Park at Penrose with 374 units, and Park at Palmer with 112 units, are located at 3802 and 3903 Half Turn Road, in Colorado Springs, situated along N. Academy Boulevard near Austin Bluffs Parkway. These adjacent properties, formerly named Summer Grove and Tanglewood, are located in the Palmer submarket.
The Axton / Bascom partnership purchased the properties for $41.15 million in June 2019 and completed a multi-year renovation program to upgrade the apartment units and community amenities, resulting in significant renovation rent premiums. The properties’ neighborhood is located near shopping, dining, outdoor recreation, and employment opportunities, driving organic rent growth during the partnership’s investment period.
The partnership enjoyed several years of strong operating cash flow and re-financed the properties in February 2022. Axton and Bascom are continuing to focus on investments in the multifamily sector across the United States, with a focus on value-add opportunities that arise as pricing resets amid significant global macroeconomic pressures.