Cortland Partners has paid $37.1 million for the 149-unit One330 Apartments in Colorado Springs, Colo.
The seller was The Garrett Cos.
“The Colorado Springs multifamily market continues to attract aggressive capital, including institutional equity, compressing cap rates across the board,” said Dan Woodward, executive vice president, CBRE, which brokered the deal. “The greater metro offers excellent economic drivers with some of the best job growth in the country, several major growth announcements and a significantly smaller new construction pipeline to navigate.”
“One330 is situated in a well-established area of central Colorado Springs with easy access to I-25 while offering high-end, class A amenities to an area starved for new multifamily development. The property closed at final certificate of occupancy, highlighting the desire for high quality, well-located product, while the buyer was able to leverage efficiencies wit
