Colorado Springs, CO – February 28, 2019. Olive Real Estate Group, Inc.’s multifamily division recently sold a 48-unit apartment located at 2115 Lelaray St., Colorado Springs, CO 80909. The property sold for $4,224,000 or $88,000 per unit and closed on February 28th, 2019. Stuart Sloat and Adam Rezner of Olive Real Estate Group, Inc. represented the seller.
The property consists of one garden-level apartment building constructed in 1969 with 45 one-bedroom units and 3 two-bedroom units. The seller had owned the building since 2016 and completed many capital improvements, including installing an EPDM tapered roof system, updating unit interiors, and upgrading exterior lighting. The building was 100% occupied at the time of sale. Centrally located in a quiet neighborhood, the property has easy access to Downtown, Interstate 25, as well as east to the Powers corridor via Palmer Park Boulevard.
