COLORADO SPRINGS-Rod Hubbard, a local investor, is assuming control of the 240-unit luxury Sunset Ridge complex, paying $18 million for the property in the city’s Northeast corridor.

The complex, located at 5190 Vista Ridge Point, is 97% occupied. It has sold for more than 95% of the asking advice, David Potarf, a Marcus & Millichap broker, tells He is one of two who negotiated the deal after two other national real estate firms reportedly had been unsuccessful despite a year-long search for a buyer. Potarf says they had identified a buyer within a week of getting the listing.

“A lot of it came down to relationships with potential buyers,” Potarf says. “My buyer bought quite a few apartments from us in the past. There had been some vacancies in the past, but it was almost completely occupied by the time we sold it. A lot of it comes down to timing.”

He says the property is ideally positioned for the current development in Colorado Springs since a considerable portion of the area’s economic growth and new jobs are occurring near Sunset Ridge.

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