PUEBLO, CO—Capstone Apartment Partners announces the $15.25 million sale of Belmont Square Apartments. Situated on 4.48 acres along a main thoroughfare, the 138-unit asset is just minutes away from Colorado State University at Pueblo, a variety of dining and retail establishments, and public transportation.
Capstone’s Austin Smith represented the buyer, New York-based Cross Mountain Capital Management, in the transaction. They plan to execute a full value-add renovation strategy to reposition the property and improve the tenant living experience. They will be remodeling unit interiors as well as updating any out-of-date mechanicals on the property.
BWE Investment Sales represented the seller, Belmont Square Apartments LLC, in the transaction.
“It was a pleasure working with Mike and Eugene from Cross Mountain Capital on this value-add acquisition in Pueblo and helping them grow their Colorado multi-family portfolio. They made the transaction very smooth, and I look forward to seeing the transformation of the property as they inject capital over the next few years,” said Austin Smith of Capstone.
Built in 1977, Belmont Square is comprised of one- and two-bedroom floorplans in three stucco apartment buildings. Community amenities include a swimming pool, picnic/grilling area, playground, and courtyards. Belmont Square was approximately 97% occupied at the time of closing.
About Capstone
Capstone is the #1 privately owned multi-family brokerage firm nationwide. Our goal is to is to help generate, maintain, and increase the value and profitability of our clients’ multi-family investment properties. To do so, we provide comprehensive multi-housing advisory services in asset acquisition, positioning, and development; strategic ownership decisions; market insights; property value analysis; raising equity capital; and disposition brokerage to support our clients in every investment stage. This comprehensive multi-family-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart from pedestrian brokerage firms. Capstone simply put: Expertise. Experience. Extra-Mile.
