CBRE announced today that it has completed the $13.6 million sale of the Fireside Apartments located at 620 North Murray Boulevard in Colorado Springs. CBRE’s Jake Young, Dan Woodward, David Potarf and Matthew Barnett represented the seller, WIP-Fireside, llc, A division of Meier & Shefflin Properties out of California. The buyer, Denver-based Blueline Equity Partners, purchased the property in a sale that closed Nov. 20. CBRE’s Brady O’Donnell, Jeff Halsey and Jill Haug arranged the acquisition financing.
“Colorado Springs is experiencing a resurgence as population growth is projected to remain strong and even outpace Denver. Quality of life and affordability have been the biggest drivers as residents continue to get priced out of Denver. The Airport submarket where Fireside Apartments is located is also seeing more than $100 million of new initiatives, leading to the creation of thousands of jobs. All of these fundamentals go a long way in drawing investor interest in a property,” said Jake Young, First Vice President, CBRE.
Built in 1971, Fireside Apartments consists of 108 one and two-bedroom apartment homes across four rental buildings. Community amenities include a clubhouse/leasing office, business center, WiFi-enabled community room, outdoor swimming pool, on-site laundry facilities and fitness center. Prior to its sale, Shefflin Investments completed extensive capital improvements, including new roofs, windows and sliders; landscaping upgrades; new laundry room equipment; interior common area upgrades; the addition of secure building entrance doors; and the installation of a dog park.
Fireside Apartments is situated on approximately 2.3 acres at the intersection of East Platte Avenue (Hwy 24) and North Murray Boulevard. The grocery-anchored Murray Square Shopping Center is located directly across the street from the property, while First & Main Town Center, home to almost 1 million square feet of retail, is about 10 minutes northeast. The Colorado Springs Airport is a couple miles southeast of the apartments, where FedEx just completed a new $20 million distribution facility and Sierra Nevada announced a new $90 million campus to include over 2,000 jobs. In addition, Raytheon, located less than three miles south of the apartments, recently announced a new $700 million contract that will add 700 employees.
