FOR IMMEDIATE RELEASE
Colliers International Announces Sale of Colorado Springs Apartment Community
California Investment Groups Makes $21,900,000 First Colorado Acquisition
[Denver, CO, Tuesday, March 24, 2020] – Colliers International Multifamily Advisory Group announced the sale of The Centre Apartments for $21,900,000 ($130,357/unit). The seller, Skyline Real Estate Investments, a local partnership, was represented in the sale by Bill Morkes and Craig Stack of Colliers International. The buyer is PLC Apartments of Newport Beach, CA. and was self-represented. This was their first Colorado apartment acquisition.
The Centre Apartments is a 168-unit apartment community built in 1952 and located in central Colorado Springs at 1921 E Van Buren Street. The attractive park like community features an unusually low density, with just over 15-apartments per acres contrasted with new suburban construction that can often have double that density. The property has seen many upgrades in recent years with the addition of a clubhouse and work out facility. The buyer plans to continue interior unit renovations, taking advantage of the attractive large units.
Colliers International also recently sold the Palmer Park Apartments in Colorado Springs, the sister property to the Centre which sold for the same price per unit.
For More Information
Bill Morkes
Vice President | Multifamily Investments
Dir +1 303 283 4583 | Mob +1 303 351 1371
bill.morkes@colliers.com
Craig Stack
Senior Vice President | Multifamily Investments
Dir 720 833 4602 | Mob 303 931 2274
craig.stack@colliers.com
About Colliers International
Colliers International Denver Multifamily Advisory group specializes in the disposition of multifamily assets in Colorado and the surrounding states – including market rate, affordable, senior, student, and mixed-use assets as well as land suitable for multifamily development.
