Colorado Real Estate Journal -

Peak Capital pays $12.2 million for latest addition to portfolio

by Jennifer Hayes

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Peak Capital Partners is making plans for improvements at the latest addition to its portfolio.

And Peak Capital’s not done.

The Utah-based firm is looking to add two to three more Front Range properties to its holdings this year.

Peak Capital Partners recently paid $12.2 million, according to public records, for Summer Grove. The 374-unit apartment community at 3915 Harmony Drive in Colorado Springs represents the fifth multifamily property acquired by Peak Capital in the state and the third in Colorado Springs.

‘We are trying to grow in the Colorado market.

We would love to add two or three more properties in Denver this year.’ – Jamie Dunn, Peak Capital Partners

“We are trying to grow in theColorado market,” said Jamie Dunn, a founder and managing principal with the firm. “We would love to add two or three more properties in Denver this year.” Peak Capital focuses on value-creation opportunities where it sees chances to add value, explained Dunn. “It’s not just physical value-add opportunities, it can be management as well.” At Summer Grove, Peak Capital plans to invest “substantially” into improvements to the exterior and amenity package at the community built in 1971.

However, not only does the firm see value-add opportunity in renovations to the community it acquired at $32,620 per unit but also in the economies of scale Summer Grove offered.

Situated off Academy Boulevard, Summer Grove is across the street from the 112- unit Tanglewood apartments, which Peak Capital Partners also owns. The firm also owns Cottonwood Terrace, a 198- unit community, in Colorado Springs.

At Summer Grove, Peak Capital’s plans include building a new clubhouse, work on the two swimming pools and new landscaping. The apartments themselves are in good shape, however, Dunn anticipates the company, in time, will upgrade the units as well.

The upgrades, slated to start soon, are anticipated to attract students and recent graduates of the nearby University of Colorado Colorado Springs, however, the community won’t be targeted as a student apartment complex, he emphasized.

At the time of the sale, Summer Grove was around 93 percent occupied.

Peak Capital purchased Summer Grove from seller Griffis/ Blessing Inc., the second time the firm has acquired a multifamily property from Griffis/ Blessing. Last year, Peak Capital acquired the Cottonwood Terrace apartments from Griffis/ Blessing for $14.75 million.

The company also owns the Allison Pointe and Foothills Park communities in Arvada.

Other News

ComCor Inc. paid $1.33 million for an office building at 1355 Kelly Johnson Blvd. in Colorado Springs.

Seller Air Academy Federal Credit Union built and occupied the 20,000-square-foot building until closing.

Situated on nearly six acres, the two-story building was constructed in 1979 with an outbuilding (drive-thru) constructed in 1997.

ComCor will relocate its executive team and administrative functions to the property from its current location on Roberts Road, noted Mike Helwege of Helwege Real Estate Partners LLC, who represented the buyer.

ComCor will complete minor improvements to the property prior to making the move.

Bob Nolette and Michael Roslin of Front Range Commercial LLC represented the seller.

“The Air Academy FCU has relocated to their brand-new headquarters facility at Powers and Union, making this facility surplus for them,” Nolette said about the sale. “This transaction went together well from the beginning and was fun to work on.” Walmart opened its first Neighborhood Market in Colorado Springs.

The 52,000-sf store, located at 665 N. Murray Blvd., opened Aug. 29.

“This new Neighborhood Market will bring so much to the community in terms of new jobs, increased shopping opportunities for the people who live in this part of Colorado Springs and support for local charities,” said store manager Tammy Cooper.

The store, designed as a convenient family shopping center, carries a full line of groceries, including fresh produce, frozen foods, meat and dairy products, and organic items. The deli also features on-the-go items such as rotisserie chickens, sandwiches, fresh salads and baked foods.

The Neighborhood Market also features a pharmacy, stationery, paper goods, pet products, hardware and digital photo areas.

As part of the grand opening, $12,400 in grants from Walmart and the Walmart Foundation were presented during the celebration. Recipients include the Care and Share Food Banks, Colorado Springs Police Department CAPS Volunteer Program, Leadership Pikes Peak, Ronald McDonald House Charities of Southern Colorado, Silver Key Senior Services, Home Front Cares and the Women’s Resource Agency.

Monument Marketplace is set to get a new restaurant.

CMS of Monument, doing business as Carlos Miguel’s restaurant, leased 3,960 sf at the center at 15910 Jackson Creek Parkway.

Mark Useman of Sierra Commercial Real Estate handled the transaction.

Monument Marketplace Shops is the landlord.

A 3,760-sf industrial lease was inked at 3030 N. Hancock Ave. in Colorado Springs.

Deborah Derning leased the space from Fairway South LLC.

Dave Bacon and Aaron Horn of Sierra Commercial Real Estate were the listing agents.

Mary Graham of Graham Associates was the cooperating broker.

Ferrari Films recently leased a 3,120-sf office suite at the Jackson Creek Commerce Center Offices in Monument.

The film production company leased the space at 16055 Old Forest Point from JCCC Leasing Company LLC.

Ted Link of Cascade Commercial represented the tenant.

Susan Beitle, Andy Oyler and Dale Stamp of Quantum Commercial Group Inc. were the listing agents.