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COLORADO SPRINGS, CO-Locally based Baron Properties has paid $27 million for three luxury apartment complexes in Colorado Springs.

The properties, totaling 311 units, are the L’Auberge Broadmoor, L’Auberge Pinecliff and L’Auberge Cheyenne Creek. The L’Auberge Broadmoor and L’Auberge Pinecliff have sold for $93,000 and $96,000 per unit, respectively, setting a new record in the Springs, says Dave Potarf of the Denver Marcus & Millichap office, which handled the sale. L’Auberge Cheyenne Creek’s selling price would have set a new record in the region, too, but it had been outdistanced by its sister properties, according to Potarf.

The three building were constructed in the 1980s. “They’re probably the nicest apartment complexes in the Springs,” Potarf tells GlobeSt.com. He says they sold for more per sf than products built in the 1990s plus have buyer’s appeal due to high occupancies and high rents, which average about $1 per sf. Most units total about 1,000 sf. “Some of them have waiting lists, which the buyer liked. He sees some upside.” explains Potarf.

Dan Woodward, a fellow Marcus & Millichap broker who has handled the deal with Potarf, says the Springs is still much more affordable than the Denver area. “Colorado Springs is an attractive alternative to the investors from Denver who are used to even higher prices,” Woodward tells GlobeSt.com.

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