COLORADO SPRINGS, CO-Weidner Investments of Seattle has acquired the 756 units at Sterling Pointe Apartments and Windtree Apartments for $56.45 million in what Sperry Van Ness calls the largest ever apartment transaction in Colorado Springs. Weidner bought the two properties from Maryland-based Klingbeil Capital in a sale brokered by Doug Carter of Sperry Van Ness in Colorado Springs.
Both properties are situated just east of Academy Boulevard in North Colorado Springs. Sterling Pointe is located at 4675 Templeton Park Circle and Windtree is at 2530 Paragon Drive.
Carter, who represented the buyer while Klingbeil Capitalrepresented itself, says that the transaction not only was thelargest apartment sale ever in the city, but it also garnered Colorado Springs’ highest price per unit ever for 1980s construction apartments. The record does not include condo conversions.
The buyer found the deal appealing for a number of reasons, according to Carter. The size of the complexes, the quality of the seller’s management and the upside in the growing Colorado Springs market all figured as important factors, he says.
The two properties are 97% occupied with monthlyrents ranging from $550 to $950. Sterling Point Apartments was built in 1984 and totals 496 units in 50 buildings, situated on 21 acres. The gated complex includes two outdoorpools, one indoor pool, tennis courts, home theater, aerobics room, fitness center, indoor Jacuzzi, volleyball court and roller hockey court.
Windtree Apartments was built in 1986 and totals 260 units in 34 buildings situated on 12 acres. The property includes a heated pool and Jacuzzi and a 24-hour exercise room and sauna. The units include wood-burning fireplaces, laundry hook-ups, and the studio apartments are furnished.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.