COLORADO SPRINGS, CO-Passco Cos. LLC, a privately held Orange County, CA-based firm, has completed the $54 million acquisition of “Vue21,” formerly known as Alexan at Briargate. The 332-unit class A multifamily community is located in Colorado Springs, CO.
According to Gary Goodman, SVP of acquisitions for Passco, the deal closed in about 45 days. “Multifamily has been a hot product over the last few years and has provided lucrative opportunities for investors,” he explains. “At this time, it is much more challenging to identify strong investment opportunities in this sector.”
Having said that, Goodman explains that Vue21 will provide our company with a “solid asset.” According to Goodman, Vue21 is the right product in an especially prime location in an especially strong economic and populous market.
The property is located within the Powers Boulevard Corridor, “the fast growing part of Colorado Springs, which itself is one of the fastest growing cities in the US,” Goodman adds. “Its location within the renown Academic District 20 allows residents to take advantage of the best schools in the city as well.”
Passco plans to reposition the property as well through upgrading the units to enhance the modern, luxury apartment community that appeals to the area's upscale renters. “Continuing renter demand will be generated by its location within the area's largest concentration of office space, totaling over 10 million square feet. This office space is home to national tenants such as USAA, T-Mobile, Focus on the Family, Oracle and Lockheed Martin, providing thousands of jobs to area residents,” Goodman adds.
Additional renter demand is supplied by the area's large concentration of military and defense-related employers, healthcare firms, and the 11 nearby colleges and universities.
Vue21 is a luxury apartment community built in 2009 within the Cordera master-planned community and is considered by many to be the finest community in the city. The property is situated on 11 acres, and offers one- two- and three-bedroom floor plans with a modern urban design, mountain views and spacious open floor plans. Vue21 brings Passco's multifamily portfolio to 33 properties and over 10,000 units, located in 14 states throughout the United States.
As GlobeSt.com previously reported, the company is also now focused on land acquisitions—at least in California. “The opportunity to create value by acquiring raw land and pursuing entitlements has returned,” said CEO Bill Passo. “We expect land development to be an extremely active sector of the real estate market for the next three to five years.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
