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Lowe Enterprises Buys Pair of Apartment Assets

COLORADO SPRINGS–The Los Angeles-based investment and development firm pays just over $31 million for adjacent 264-unit apartment properties here with a combined vacancy of 8%.

By Brian K. Miller | Updated on July 09, 2007

(Read more on the multifamily market.)

COLORADO SPRINGS-Lowe Enterprises of Los Angeles has acquired two adjacent apartment properties here in partnership with Chicago-based investment manager Blue Vista Capital. The partnership paid $31.2 million for Tanager Meadows and Lark Haven Apartments, which have 528 units that are operated as a single community. The seller was Denver-based Sevo Miller.

The two properties sit on 20.95 acres at 1310 Michelle Ct. and 1432 Sandalwood Dr., approximately 2.5 miles from Downtown. The complexes were built in 1985 and renovated in 2002 and again in 2005. The combined properties include 30 three-story buildings. Occupancy is currently 92%.

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