Updated Sep 9, 2024
Capstone's Pat Knowlton Facilitates $6.4M Sale Of MultiFamily Asset In Colorado Springs
849 S Union BLVD, Colorado Springs...
$6,400,000
$215/SF
Building Size
29,732 SF
Asset Type
MultiFamily
Closing
Nov 22, 2023
About this deal
AI
The Union Boulevard Apartments, a 29,732-square-foot apartment building located at 801-849 S. Union Blvd. in Colorado Springs, recently sold for $6.4 million. The property features two-bedroom/one-bath units that are 970 square feet each. Built in 1972, the apartment building underwent significant upgrades, including exterior painting, parking lot updates, and renovations to some of the units.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $6,400,000.00
- Market: Colorado Springs
- Buyer's Rep: Pat (Patrick) Knowlton (Capstone Companies)
- Seller: Undisclosed
Pat Knowlton of Capstone represented both the buyer and the seller in this deal. The buyer intends to continue renovating the units of Union Boulevard Apartments following the acquisition. The identities of the specific buyer and seller have not been disclosed.
On the Map
$6,400,000
$215/SF
MultiFamily
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Colorado Springs MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.48%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93