Apartment Sells for $19 Million in Colorado Springs

The Bellaire Apartments recently sold to Capital Real Estate of Denver for $19 million. Since it’s a 240 unit community, the price per door was just over $79K, well below the current estimated replacement cost of $120 per unit.

Bellaire Apartments, Colorado Springs

Located in the southeast part of the city, it’s strategically placed between Fort Carson and Peterson Air Force Base. It’s the only class A apartment in that part of town and was 98% full at the time of sale. According to Apartment Realty Advisors co-listing broker Doug Andrews, several large institutional investment groups had submitted letters of intent, but they offered significantly lower bids than the winning buyer. You can read the rest of the story here.

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