DENVER, CO - CBRE has arranged the $3.5 million sale of Cottonwood Creek Apartments, a 24-unit apartment community in Northeast Colorado Springs, to Cottonwood Creek Apartment Partnership, LLC.
Willy Holliday and Kevin McKenna of CBRE represented the seller, Cottonwood Creek Apartments, LLC, and Kellen Dick of CBRE Debt & Structured Finance secured the financing in the transaction.
“We are thrilled to announce the sale and financing of Cottonwood Creek, located in the highly sought-after Northern Colorado Springs submarket,” said CBRE’s Holliday. “It was a pleasure representing the seller, who has owned and meticulously maintained the property for over 30 years. The new buyer is poised to capitalize on the significant operational upside that this asset offers. We commend all parties involved for their dedication and professionalism in navigating a challenging transaction environment.”
Located at 1419-1431 Imperial Road., the 17,952-sq.-ft. garden apartment community is divided into four three-story buildings. Built in two phases, 12 units in 1978 and 12 units in 1983, most of the units (92%) are two-bedrooms and the remaining are one-bedroom. All units include an electric range and GE appliances, with select units having washer and dryer hookups, private balconies or patios and wood-burning fireplaces.
“In a tough lending environment, the Freddie SBL program continues to provide the necessary capital for workforce housing,” said CBRE’s Dick. “We were able to arrange competitive debt that will allow the buyer to acquire the asset and implement their value-add plan.”
Cottonwood Creek is situated between I-25 and Powers Blvd., Northeast Colorado Springs’ primary thoroughfares, providing residents easy access to the city’s major employment hubs, including downtown Colorado Springs and the Powers Corridor. The apartment community is near UCHealth Grandview Medical Center, The University of Colorado at Colorado Springs, Austin Bluffs Open Space, and retail, dining and entertainment options on Academy Boulevard.
About CBRE Group, Inc: CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.