Cottonwood Creek Apartments, a 24-unit apartment community in Northeast Colorado Springs, Colorado traded hands in a recent $3.5 million ($145.8k/unit) deal.
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.
Cottonwood Creek is situated between I-25 and Powers Boulevard, 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.
Willy Holliday and Kevin McKenna of CBRE represented the seller, Cottonwood Creek Apartments LLC. Kellen Dick of CBRE Debt & Structured Finance secured the financing in the transaction for the buyer, Cottonwood Creek Apartment Partnership, LLC.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
