January 10, 2019
Newport Beach, CA-based Buchanan Street Partners closed the $72.5 million purchase of Creekside at Palmer Park, a Class A, 328-unit apartment project located in Colorado Springs, CO. It was Colorado Springs’ largest single property multifamily sale by number of units last year.
The 95%-occupied asset includes 16 buildings, totaling 325,700 rentable square feet on 19.71 acres. Creekside was originally built in 2003 by Griffis Blessing, which has owned and managed the property since the completion. Creekside is ideally-positioned along State Hwy 21 in the Powers Corridor, a major North-South thoroughfare providing access to nearby employment centers.
CBRE’s David Potarf and Jake Young represented Griffis Blessing in the transaction, while Buchanan Street was self-represented.
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