January 3, 2017
Courtland Partners of Atlanta, GA paid $73.3 million to acquire the 440-unit Grand River Canyon apartments in Colorado Springs, CO. The sales price paid for the asset at 7755 Kaleb Grove Rd. was the highest for a multifamily property in Colorado Springs’ history.
The buy is Courtland’s first in the Colorado Springs Market. The new owner’s plans for the 1999-built complex is to update it. Grand River Canyon was 98% occupied at the time of sale. The complex offers one and two-bedroom units.
The main reason for higher prices in Colorado Springs is lack of supply, according to Kevin McKenna, with ARA Newmark. McKenna, with colleagues Doug Andrews, Jeff Hawks and Saul Levy, represented seller Griffis Residential in the transaction. McKenna told the Colorado Real Estate Journal that the lack of large complexes in the market offered “immediate scale for a group wanting to plant its flat in Colorado, or Colorado Springs, specifically.”
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