(To read more on the multifamily market, click here.)

COLORADO SPRINGS-Cheyene Vista, a limited liability corporation, recently paid $7.15 million for the 190-unit Woodstone Apartments at 370 Crestone St. here. That equates to $37,631 per unit, far below replacement cost. The price also equals $46.36 per rentable sf.

The property was built in 1975 and remodeled in 2000. The building sits on a bluff overlooking the city with picturesque views, an outdoor pool, play area, air conditioning, gas heat, as well as private entrances into each unit with balconies and patios.

The investors in the LLC were attracted to the mix of studios and one- to three-bedroom units, as well as the improving rental market and the building's proximity to the Downtown area, according to Dan Woodward and Dave Potarf, senior investment and associates and apartment brokers at the Denver office of Marcus & Millichap. In addition to representing the buyers, they also represented the seller, a group called S2S Woodstone Associates LLC. Woodward and Potarf have sold more than 45 properties in Colorado Springs totaling more than $250 million.