Colorado Real Estate Journal -

Camelback Pointe $30.66 million apartment sets new record

by Jennifer Hayes

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A Washington-based real estate investment and management company acquired the Camelback Pointe apartments in the highest-priced apartment sale to close in Colorado Springs since July 2008.

Weidner Investments paid $30.66 million for the 258- unit community at 3620 Rialto Heights, just west of Interstate 25 between Garden of the Gods Road and Fillmore Street, off Centennial Boulevard.

The community, built in 1997, also traded in the highest per-unit-sale price since May 2007 and at the highest per-unit-price ever recorded in the city for 1990s apartment product, noted Dave Martin of Moran & Co., who listed the community with Pam Koster, also of Moran & Co.

American Realty Advisors sold the community, which was developed by Andover Group. Camelback Pointe includes six floor plans of one-, two- and three-bedroom units ranging from 674 to 1,244 square feet.

Apartments include 9-foot or vaulted ceilings, garden tubs, private balconies or patios, full size washers and dryers and walk-in closets. Select units include gas fireplaces, mountain views and ceiling fans.

Community amenities include a clubhouse with WiFi lounge, free coffee bar, heated swimming pool and spa, business center, fitness center, playground area and detached garages. As well, Camelback Point offers a park-like setting with mountain and skyline views due to its location atop a bluff, added Martin.

Camelback Pointe sold in an all-cash deal to Weidner, which is expected to implement an interior unit upgrade program.

At the time of sale, Camelback Pointe was around 95 percent occupied.

Weidner owns a number of other apartment communities in Colorado Springs, including Canyon Ranch and Retreat at Austin Bluffs, and assets in the Denver metro area.

Other News

A 7.1-acre site along Woodmen Road in Colorado Springs recently sold for $1.55 million.

Strategic Behavioral Health purchased the property at 6305 E. Woodmen from Guarantee Bank. A 50,000-square-foot build-to-suit psychiatric hospital is planned.

Gary Hollenbeck of Palmer McAllister, a Cushman & Wakefield alliance represented the buyer.

The seller was represented by Jason Schmidt of Cassidy Turley Fuller Real Estate. The General Services Administration leased 19,200 sf at the Airport Business Center.

The lease at 2510 Aviation Way in Colorado Springs was handled by Randy Dowis and Paul Engel of NAI Highland LLC.

Bill Mackey is the landlord.

The GSA inked a long-term lease at the building, which includes 24-foot-clear ceiling heights, an ESFR sprinkler system, dock-high and ground-level doors and “great” access to Peterson Air Force Base.

JAIT LLC recently acquired 10 lots in the Kissing Camels Estates at the Greens at Kissing Camels in Colorado Springs for $882,425.

U.S. Bank sold the land and was represented by Mary Frances Cowan of Grubb & Ellis|Quantum Commercial Group. Cowan also represented U.S. Bank in its disposition of 16 residential lots at Park Ridge in Colorado Springs. JAIT paid $292,575 for the parcels.

Yellow Jersey LLC picked up a Colorado Springs office property for $544,000.

The buyer purchased the 8,000-sf office at 212-218 Monument St. E. from the Terry & Christy Whitlow Trust.

Jason Dreger of Grubb & Ellis|Quantum Commercial Group represented the buyer. Andrew Oyler, also of Grubb|Quantum, represented the seller.

Institute of Plastic Surgery PC purchased a medical office condo at the Briargate Business Campus in The Promontory project in Colorado Springs.

The $302,037 sale marks the third sale in the complex at 2438 Research Parkway.

Orix Prime West Colorado Springs LLC sold the condo and was represented by Peter Scoville and Greg Phaneuf of Palmer McAllister, a Cushman & Wakefield alliance. The state of ColoradoPueblo Workforce Center renewed its 13,048-sf office lease at 212 W. Third St. in Pueblo with landlord Midtown RLLLP.

Mary Frances Cowan and Russell Stroud of Grubb & Ellis|Quantum Commercial Group represented the tenant.

Gino Carleo of Sound Venture Realty Inc. was the listing agent.

Lehouiller & Associates recently leased 1,381 sf on the fifth floor of the Center City Plaza at 455 E. Pikes Peak Ave. in Colorado Springs.

The lease brings Center City Plaza to 98 percent occupancy.

Ted Link of Cascade Commercial Group handled the transaction.