78 Unit Apartment Complex
Colorado Spring Colorado
Acquired in June of 2013 for $5,200,000, current market value (6/18) is estimated at $12,000,000.00. This well located, Westside apartment complex was acquired from a retiring couple who had neglected it during their ten year ownership period. Shefflin Investments identified the property for a 1031 Exchange due to its below-market rents, spacious unit mix, low density and its superior location near the Broadmoor Hotel. Additionally, Broadmoor Springs has an add-value component to develop a 25 unit addition to the property bringing the total unit count 103. Improvements to date include business office expansion and makeover, renaming the property, adding a dramatic new entry sign, landscaping, upgrade unit interiors. These improvements have resulted in increased rental income of 25% – 30%. All apartments have large patios or balconies, and most have spectacular mountain or open space views. The top floor units have skylights in the kitchen and living areas. Located in one of Colorado Spring’s most desirable neighborhoods near the Broadmoor Hotel and Cheyenne Mountain Convention Center. Broadmoor Springs Apartments is currently undergoing a total reproofing and two-color exterior repainting, as we complete the unit exterior upgrades.
After Renovation by Shefflin Investments