COLORADO SPRINGS, CO-Fowler Property Acquisitions of San Francisco has acquired the 183-unit Crossroads at Chapel Hills apartment complex from locally based private investors for $9.4 million. Doug Carter of the Colorado Springs office of Sperry Van Ness says that the new owner sees upside in the growing market around the property, which is at the major intersection of N. Academy Boulevard and Woodmen Road at 6935 N. Academy Blvd.
Carter, who teamed with Steve Rahe of CB Richard Ellis to represent the buyer, points out that the property is one of only a few apartment complexes in the Air Academy School District and is the only large 1970s vintage apartment community in north Colorado Springs. He notes that the Crossroads at Chapel Hills property garnered multiple offers and achieved one of the highest prices per unit for comparable properties in the area.
Built in 1969 and renovated in 2000, the seven-building propertyis situated on 5.85 acres and was 88% occupied at the time of the sale. It includes a mix of one- and two-bedroom units with rents ranging from $374 to $587.
The complex is about 10 minutes from Downtown Colorado Springs, close to the Chapel Hills Regional Mall and other retail as well as employment centers. Its prime location enjoys an intersection with strong traffic counts and "a submarket that includes the highest growth area of Colorado Springs for class A office and national retail tenants," according to Carter.
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