Despite the pandemic last year, Colorado Springs experienced a significant rent increase due to the area’s desirability and relatively low cost of living. Trion Properties, a private equity real estate firm based in West Hollywood, and equity partner, PCCP LLC, an investment manager, have acquired a two-property portfolio located in Colorado Springs submarkets for a combined total of $80 million.
The properties totaling 406 units include Quail Cove and Highland Park. Quail Cove is located at 3308 Quail Lake Rd. and Highland Park is located at 4815 Garden Ranch Dr.
The properties represented an opportunity for Trion to acquire well-maintained assets with strong value-add potential in a rapidly growing market, according to Max Sharkansky, managing partner at Trion Properties.
“Colorado Springs was the third-best housing market for multifamily rental investments in 2020, and recently ranked fourth as the best place to live in the United States,” says Sharkansky. “Colorado’s strong military presence, booming aerospace and high-tech manufacturing industries are just a few reasons why the region has seen exponential growth and an influx of top talent over the past few years.”
Winston Black at Berkadia and Frank Farrel represented both parties in the transaction. Continental Partners arranged the financing of both deals from Freddie Mac, through Andrew Kwok from Capital One.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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