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Rare Luxury Multifamily Rental Complex Sells

PUEBLO, CO-The first and only luxury apartment community in this largely blue-collar community sells for $7.495 million, or $77,268 per unit, to Pueblo Group LLC. The Preserve at Belmont was built in 2000.

By John Rebchook | Updated on October 02, 2001

PUEBLO, CO-A Denver investment group has paid $7.495 million for the Preserve at Belmont, a 97-unit luxury apartment complex in this city south of Colorado Springs. The property, purchased by Pueblo Group LLC is the first and only luxury apartment community in Pueblo, says Garrette L. Matlock, who sold the property with fellow Marcus & Millichap broker Paul A. Delatorre.

The project was constructed in 2000 by a Pueblo-based real estate development partnership.

”It’s a very nice, upscale buildings,” Matlock tells GlobeSt.com. ”It’s not to the level of something JPI might build in the Denver area, but it has a clubhouse, high ceilings, a business office. Really, nothing new has been built in Pueblo for the last 20 years. It’s mostly ’60s and ’70s properties.”

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