California Company Buys Springs Property

The apartment community is bordered on the west by the affluent Cheyenne Mountain neighborhood. It is also near the main entrance to NORAD and adjacent to the Fort Carson Army Base.

"The Village at Westmeadow was over 95% leased at closing, in spite of the difficult rental market," says Doug Andrew, principal of Apartment Realty Advisors, which handled the transaction. "The apartment market is clearly recovering, and should be quite healthy when the 11,000 troops come home [from Iraq] this spring," he adds.

The Village at Westmeadow feature one- and two-bedroom floor plans with walk-in closets, private patios and balconies and contemporary kitchens. The unit mix at the property includes 104 one-bedroom and 104 two-bedroom homes ranging from 610 sf to 1,010 sf.

"Village at Westmeadow is the only new apartment community in southwest Colorado Springs designed especially for residents of that area," says Ken Greene, also a broker at Apartment Realty Advisors. "Its amenities and location within minutes of key employment areas makes it a very attractive investment," he adds. In addition to Andrews and Greene, the transaction was handled by Jeff Hawks of Apartment Realty. They represented the seller in the transaction.

The Apartment Realty Advisors of Colorado team sold $140 million in apartment properties in 2003, and has sold over $1.4 billion in Colorado apartment properties in the past five years.