January 13, 2020
Colorado developer Pannunzio Inc. sold its Lion Village, a 506-bed student housing development that serves the University of Colorado at Colorado Springs. The property at 5641 Red Ash Pt. sold for $34 million to an undisclosed buyer.
Nick Steele, John Laratta, Tyler King and Nate Moyer with Berkadia represented the seller in the transaction. The property, situated on 7.1 acres and completed in 2017, is one of only five purpose-built student housing properties near the university. Community amenities include a fitness center, swimming pool, a business center, tanning beds and bike racks.
“The seller saw an opportunity to address an unmet need in a high-performing apartment market with consistent growth,” Steele said. “With this sale, they’ve capitalized on that vision, while creating the opportunity for the buyer to see value well into the future.”
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