X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PUEBLO, CO-A Denver investment group has paid $7.495 million for the Preserve at Belmont, a 97-unit luxury apartment complex in this city south of Colorado Springs. The property, purchased by Pueblo Group LLC is the first and only luxury apartment community in Pueblo, says Garrette L. Matlock, who sold the property with fellow Marcus & Millichap broker Paul A. Delatorre.

The project was constructed in 2000 by a Pueblo-based real estate development partnership.

”It’s a very nice, upscale buildings,” Matlock tells GlobeSt.com. ”It’s not to the level of something JPI might build in the Denver area, but it has a clubhouse, high ceilings, a business office. Really, nothing new has been built in Pueblo for the last 20 years. It’s mostly ’60s and ’70s properties.”

It sold for about $77,000 a unit, while a comparable building in the Denver metro area would have sold for more than $100,000 per unit.

”Of course, the rents aren’t as high,” he tells GlobeSt.com. ”We’re getting 80 cents per sf, although we felt the market was actually 85 cents. But we are the market, so it’s hard to use comparables, when there’s nothing to compare it to.”

A similar product in the Denver area, depending on its location, would command rental rates of $1.10 to $1.30 per sf, he adds.

Pueblo is a largely blue-collar community of about 100,000 people south of Colorado Springs.

”By Pueblo standards, it is by far the best and only new contemporary apartment complex,” Matlock tells GlobeSt.com. ”There have been other guys who’ve talked about building other first-class apartments. But I’m not sure there’s the demand for more than one. I think this pretty much fills the demand.”

The project was 97% occupied at the time of sale, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.