Coughlin Property Management Colorado Springs
Coughlin Property Management Colorado Springs – A Denver real estate company paid about $29 million to acquire the 156-unit Bonterra Lakeside Apartments on the southwest side of Colorado Springs. The deal is another sign that investors are bullish on the Springs’ multifamily market. NEAR NEWMARK
Colorado Springs’ red-hot housing market continues to attract out-of-town investors who are shelling out tens of millions of dollars for multi-family properties. A limited liability company formed by Coughlin & Co., a Denver real estate firm, paid $28.6 million this week for the 156-unit Bonterra Lakeside Apartments on the southwest side of the Springs, according to the El Paso County Clerk and in record office records. It was Coughlin’s fourth apartment in the Springs in three years. Griffis/Blessing Inc., a Colorado Springs-based apartment management and diversified investment firm, sold Bonterra Lakeside; The company bought the complex for $16.5 million in 2012, records show.
Coughlin Property Management Colorado Springs
Colorado Springs’ red-hot housing market continues to attract out-of-town investors who are shelling out tens of millions of dollars for multi-family properties.
Clear Creek Courant 0210 By Colorado Community Media
A limited liability company formed by Coughlin & Co., a Denver real estate firm, paid $28.6 million this week for the 156-unit Bonterra Lakeside Apartments on the southwest side of the Springs, according to the El Paso County Clerk and in record office records. It was Coughlin’s fourth apartment in the Springs in three years.
Griffis/Blessing Inc., a Colorado Springs-based apartment management and diversified investment firm, sold Bonterra Lakeside; The company bought the complex for $16.5 million in 2012, records show.
Griffis/Blessing typically works with a network of investors to buy properties, renovate them and sell them within five to seven years.
More than a dozen groups from around the country were competing to buy the Bonterra Lakeside complex, said Kevin McKenna, managing director of ARA Newmark’s Denver office. The national commercial solicitation was filed by Griffis/Blessing in the estate sale.
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The complex, built in the early 1970s, is a short walk from Lori Lake. Its units average 1,100 square feet, which is large by local apartment standards, and each has its own washer, dryer and garage. Griffis/Blessing also spent about $1.5 million on improvements to the property.
“It’s a prime location, right on the lakefront and in the Broadmoor area, with views,” McKenna said. “You can walk up the hill and go paddle boarding or go fishing… They just don’t make them like that anymore.”
But what draws buyers to Colorado Springs is more than the amenities of any individual property, multifamily experts say.
The Pikes Peak region’s growing population, stronger economy and declining unemployment rate signal a healthy market for investors, McKenna said.
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Rents in the Colorado Springs area have also hit record highs for eight straight quarters, averaging $1,061 a month in the first quarter, and vacancy rates are consistently in the low single digits, according to the Colorado Department of Housing. When apartments are full and rents rise, demand increases.
“National publications are starting to publish this data, and they’re paying more and more attention to the Springs,” McKenna said.
Similarly, fewer than 300 units have been built annually in the Springs in recent years, and investors like markets that aren’t overbuilt, said Saul Levy, principal at ARA Newmark.
As investors from around the country look for deals, they also see cheaper sales prices and good yield potential in Colorado Springs compared to Denver, said Gary Winegar, president of Griffis/Blessing Investment Services.
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“Denver feels a little expensive for a lot of people,” Winegar said. “You can still make deals there too. But I think we might end up having a little bit better rent growth over the next few years than Denver.”
Bonterra Lakeside “fits very well with our Colorado portfolio and, based on our conservative parameters, offered an attractive yield,” Coughlin & Co. President Dennis Coughlin said in an email.
Since 2014, the company has acquired Copper Chase Apartments, Parc at Briargate and Glen at Briargate. With its latest purchase, it now has 722 units in the Springs.
“We continue to be very positive on the investment housing market in Colorado Springs due to its relatively low vacancy rate and its strong and growing local economy,” Coughlin said.
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