Vintage Palmer Park Apartments Trades for $26M

California investors traded Palmer Park Apartments, a vintage apartment complex in central Colorado Springs, CO. The seller, Roundhouse, pocketed $26.1 million in the transaction with buyer Clear Capital LLC, which is planning to execute a unit renovation program on the property. Bill Morkes and Craig Stack with Colliers International represented the seller in the transaction.

Originally constructed as military housing in 1949, Palmer Park is situated on nine acres at 1304 E. San Miguel St. “The Colorado Springs market has been extremely strong over the last 10 years and national investors are aggressively competing to win value-add deals,” Morkes said. “We’re in the process of marketing similar assets in Colorado Springs, including the sister property to Palmer Park called The Centre, and buyer appetite is very comparable.”

The buy is Clear Capital’s first in Colorado; the firm is planning to acqure more than 2,000 units in the state over the next 18 months.

For comments, questions or concerns, please contact Amy Sorter