CBRE announced the sale of Royal Lani, a 77-unit apartment property in Colorado Springs, Colo., to Turnstone Capital, a California-based private real estate investment firm, for $11.3 million.
CBRE’s Saul Levy, Kevin McKenna, Mackenzie Walker and Jessica Graham represented the seller, Draper Property Management, in the transaction.
Royal Lani, located at 2010 Carmel Dr., consists of two three-story buildings featuring primarily two-bedroom units averaging 783 sq. ft. Since 2015, the property has undergone renovations that include new windows, gates, and roof repairs. The property is centrally located near downtown Colorado Springs, the Powers corridor, and the Broadmoor Hotel. The Powers corridor is the newest and most dominant north-south retail thoroughfare in the city. It is home to the First & Main Town Center with more than 1.4 million sq. ft. of retail and a wide variety of dining options.
“The Colorado Springs apartment market has benefited from some of the strongest fundamentals in recent memory,” said CBRE’s Levy. “The Royal Lani created a competitive bidding process with ultimate pricing exceeding initial expectations. Our team is excited to complete another transaction for this seller.”
Added McKenna, “The California-based buyer is excited to be making their first acquisition in the Colorado Springs market as they build on their presence within the state.”
CBRE’s multifamily team has an additional five transactions in Colorado in total consideration of over $319 million scheduled to close in the next 60 days.
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 2020 revenue). The company has more than 100,000 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.
