COLORADO SPRINGS, CO, Aug. 2, 2011 – Advenir, a premier provider of multi-family real estate investment and management services, has acquired Briarglen Apartments (top left photo), a 220-unit apartment community in the Colorado Springs, CO. for $16.35 million. This is the firm’s first acquisition in Colorado.
“We are attracted to the Colorado Springs market because of its high barriers to entry, affluent renter base and anticipated job growth,” said Todd Linden, Chief Acquisition Officer of Advenir. “Briarglen Apartments presented a clear value-add opportunity to improve unit interiors and property amenities in order to significantly drive revenue growth.”
Linden went on to say that Advenir is committed to growing its Colorado operation and are actively looking to acquire value-add multi-family properties in Denver and the surrounding areas.”
Advenir will implement a $1.1 million capital improvement program focused on beautifying the exterior, as well upgrading unit interiors.
Exterior improvements will include new stone facing on the leasing center, exterior paint, landscaping, new signage, and greenspace amenity expansion (BBQ’s, picnic benches, etc.). Unit interior improvements will include new cabinet door fronts and stained cabinet boxes, new cabinet hardware, sprayed countertops, new faucets, wood composite flooring, black appliances, lighting, two‐inch wood blinds, and full size washer dryers.
Advenir represented itself in the transaction. Doug Andrews of Apartment Realty Advisors represented the seller, Denver-based RedPeak Properties.
Built in 1986 and partially renovated in 2007, Briarglen Apartments is 97 percent leased and features 88 one bedroom/one bathroom units, 24 two bedroom/one bathroom units and 108 two bedroom/two bathroom units. Currently, rents average $800-$1,200 per month.
Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351
(c) 949.278.7851
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