October 21, 2016
The 209-unit Vistas at the Citadel in Colorado Springs, CO, sold for $12.6 million, higher than the original asking price. A California private investor acquired the asset at 3955 Easy Bijou St. as the second part in a 1031 exchange. Transwestern’s Tom Wanberg and John Blackshire represented the seller, Central Development, in the disposition.
“This opportunity received a high amount of investor interest for the Colorado Springs market,” Blackshire said. “Prices remain attractive to the majority of buyers compared to other markets, and we expect to see continued interest from capital sources as long as vacancy stays low and rental rates continue to surge upwards.”
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