Colorado Real Estate Journal -

Village East apts. sell for $9.07m

by Jennifer Hayes

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A California buyer picked up the Village East apartments in a deal indicative of continued investor interest in multifamily assets in Colorado Springs.

Village East Apartments CS LP paid $9.07 million for the 137- unit community, which was sold by JPH Village East LLC, according to public records.

Located at 781 Hathaway Drive, near the entrance of Peterson Air Force Base, Village East offered upside, noted Kevin McKenna of ARA Colorado. The buyer, who owns additional multifamily properties in the Colorado Springs market, is expected to improve unit interiors, add a fitness center, update the clubhouse and increase energy efficiency with new windows and Xeriscaping, for example.

“I think the price per unit and cap rate show the pricing is still strong in this market and there is still strong investor interest,” said McKenna.

Built in 1973, Village East features 40 one-bedroom units of 610 square feet, 72 two-bedroom units of 810 sf and 25 “loft” twobedroom, 1½-bath apartments of 815 sf.

“The loft units are nothing like anything else in the submarket,” added McKenna, who handled the transaction.

Apartments also include patios/balconies, air conditioning, extra storage and private entries.

Community amenities include a pool and spa, 24-hour laundry facility, a playground and barbecue grills with picnic tables.

At the time of sale, Village East’s occupancy was in the mid-90 percent range.

Other News

Willowstone Antique Marketplace recently sold its current location for $3.6 million as it readies to open its newer, larger indoor flea market marketplace concept.

Willowstone Antique Marketplace sold its property at the Dublin Village Shopping Center at 1704-1710 Dublin Blvd. in Colorado Springs to Maehal Enterprises Inc., which is planning to occupy the building as a motorcycle dealership.

The single-story, 42,314- square-foot retail building was constructed in 1984. The Dublin Village Shopping Center also is home to tenants including Sunflower Farmers Market, Sherwin-Williams, Discount Tire and Papa Murphy’s.

Charley Conrad of Olive Real Estate Group represented Willowstone, which acquired an 80,000-sf industrial building in the Garden of the Gods corridor, where it’s expanding.

Westside CARES, an interfaith nonprofit collaboration of 21 churches that provide crisis human services to residents on the west side of Colorado Springs, acquired a 9,622-sf office building.

The two-story building at 2808 W. Colorado Ave. will allow Westside CARES to expand and relocate its operations after two decades of operating in the basement of the Bethany Baptist Church.

Mike Helwege of Cushman & Wakefield|Colorado Springs Commercial represented the buyer in the transaction. Randy Miller and Nicola Myers-Murty of Sierra Commercial Real Estate represented the seller, the estate of Mamie Haddock, in the $650,000 deal.

The building includes an attached parking lot. Construction continues at the Markets at Mesa Ridge in the Fountain/Fort Carson submarket.

Sprint and H&R Block recently opened with Noodles and Jersey Mike’s expected to open later this month. Starbucks is under construction on its location while Taco Bell is slated to open this fall.

Chick-fil-A, Abba Eyecare and a large medical user are under contract to join the center and are scheduled to close later this year or early next year on their pad sites.

Rich Walker of First Properties Inc. is marketing the project, where limited pad and inline space options remain. The center, anchored by Lowe’s, Safeway and Walgreens, is located in Fountain on Mesa Ridge Parkway, just east of Interstate 25.

Craddock Commercial Real Estate entered into the Colorado Springs mortgage banking area with Piedmont Financial.

Berry, Matt and Mike Craddock joined forces with Mike Early of Piedmont Financial to offer commercial mortgage banking services to Colorado and the western United States.

Springs-based Craddock Development Co. and Craddock Commercial Real Estate, founded in 1967, has been involved in more than 300 commercial projects in Colorado, New Mexico and surrounding states. Piedmont Financial, originally started in 1966 as the commercial lending arm of First National Bank of Colorado Springs, underwrote more than $120 million in loans in 2012.

“The business fit perfectly.

The only difference was sitting on the other side of the table, which gave a great viewpoint of what the lender and the borrower needed to bring together a lending relationship,” said Matt Craddock.

“The affiliation came together easily because of prior loans put together for the Craddocks and the knowledge and contacts they have developed in Colorado and New Mexico over the last 46 years,” agreed Early.