Second-Largest Single-Property Multifamily Sale in Colorado Springs, CO Arranged by Marcus & Millichap

Sagebrook Apartments, 2555 Rayview Avenue
Northeast Colorado Springs, CO

COLORADO SPRINGS, CO – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Sagebrook Apartments, a 314-unit apartment complex in Colorado Springs, Colo.

The $48,750,000 sales price equates to $155,255 per unit. Marcus & Millichap Capital Corp. (MMCC) arranged $32.3 million in acquisition financing. 

The sale is the second-largest single-property apartment transaction in the history of Colorado Springs.

Jacob Steele

            Clayton Primm, senior associate, Jacob Steele, associate vice president investments, and Nick Steele, associate, all in Marcus & Millichap’s Denver office, represented the buyer, Sagebrook Apartments LLC. The seller is Griffis Residential.

            “Sagebrook Apartments is a high-quality asset located in one of the strongest operating submarkets of Colorado Springs,” says Steele. “The acquisition represents a strong yielding investment with a continuing opportunity to add value via unit upgrades.”

            Philip Gause, director, and Tim DePeder, associate, both in MMCC’s Denver office, arranged $32.3 million in financing for the acquisition.

“We were pleased to leverage our industry-leading capital markets platform in delivering a very competitive self-liquidating loan structure commensurate with our client’s generational investment strategy for the asset,” adds Gause.

Nick Steele

 “Our strong correspondent relationship with the lender enabled us to move quickly through due diligence and deliver a commitment in approximately 30 days from application.” 

The $32,300,000 nonrecourse debt placement was structured as a 30-year fixed-rate fully amortizing loan.

The real estate investment asset is located at 2555 Raywood View in northeast Colorado Springs near Briargate Parkway and Interstate 25.

The Promenade Shops at Briargate, the Briargate business campus, the InterQuest business park, the Pine Creek Golf Club, the Air Force Academy, Memorial Hospital North and the new Penrose St. Francis Medical Center are all within a short drive of the community.

Sagebrook Apartments features one-, two- and three-bedroom floor plans. Units have multiple lines for phone, fax and cable modem, nine-foot ceilings, six-panel doors, walk-in closets, full size washers and dryers, oval garden tubs and covered private patio or terrace.

Clayton Primm

Select units feature gas fireplaces, French doors, twin-basin vanities, private dressing areas, separate pantries, built-in desks and outdoor storage.

Shared amenities at the complex include 24/7 emergency on-call maintenance, a swimming pool, a sunning deck and all-season spa, a fitness center that is open 24 hours a day, a clubroom with Wi-Fi, kitchen, fireplace and flat screen television, an outdoor picnic area with gas barbecues, a coffee bar, a business center, a 24-hour community laundry room and a single-stream recycling program.

 For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716