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Apartment Complex Sells at $38,000 Per Unit

COLORADO SPRINGS, CO-The 189-unit Woodstone Apartment complex trades between two California investment groups, selling for $7.2 million, 60% more than FSF Woodstone Associates paid for it five years ago.

By John Rebchook | Updated on November 13, 2001

COLORADO SPRINGS, CO-A California investment firm has paid $7.2 million for the Woodstone Apartment complex in this city about 60 miles south of Denver. A California-based apartment syndicator, FSF Woodstone Associates, sold the 189-unit complex at 310 Crestone Lane to S2S.

”Older, well-located properties are still a hot commodity in Colorado,” says David Potarf, who sold the complex with fellow Marcus & Millichap brokers Dan Woodward and Kevin Higgins. ”At $38,000 per unit, the property was an attractive deal for the buyer.”

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