The Park Terrace Apartments, built in 1967, is located at 3210 N. Chestnut St. "The Colorado Springs apartment market is a desirable alternative to the higher priced Denver market," says David Potarf, who handled the transaction with fellow Marcus & Millichap broker Dan Woodward. "At $33,478 per unit, the property was attractive to the buyer and should increase in value quickly," says Woodward.
He tells GlobeSt.com that a comparable apartment building in Denver in a comparable location "would go for at least $50,000 per unit." He classifies the property as a "B" location in the Springs. Boulder investors have sold the project, he says. Ngo placed an 8% second mortgage on the property, he tells GlobeSt.com.
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