Los Angeles-based Oak Coast Properties acquired Cottonwood Terrace, a 200-unit apartment community located in Colorado Springs, CO, for $37.25 million. The garden-style community is comprised of 20 buildings of two and three stories set on an 8.27-acre site.
Unit floorplans span one- and two-bedroom options and feature large open kitchens, balconies, patios, large closets, as well as wood burning fireplaces and views of Pike’s Peak in some units. Originally built in 1983, 52% of the rental units have undergone upgrades. The remaining units, still in their original condition, represent an upgrade opportunity for Oak Coast Properties.
The firm is planning a $1.5-million renovation to the community as part of a value-add investment strategy aimed at improving the marketability of the apartment units. Oak Coast Properties’ portfolio now exceeds 5,129 units under management, exceeding $1 billion in valuation.
JLL’s Jordan Robbins, Mack Nelson and Chris White represented the seller, Peak Capital Partners. JLL’s Charles Halladay, Brock Yaffe and Rick Salinas arranged the acquisition financing.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.