A few days ago we made an offer on a 28 unit apartment in Colorado Springs. It’s in foreclosure and about 30% full as near as we can tell. The phone number on the management company sign is disconnected and emails bounce. A broker from Denver has started negotiating a short sale with the lender. We offered $700K as is, with an inspection contingency. If they accept our offer (a long shot) we get 60 days to do our due diligence. We can pull out at any time and get our earnest money back.
The property sits on a high hillside with great Peak and foothill views to the west and south. It consists of 7 fourplexes, the first of which was built in 1978 and the rest in 1984. They are a townhome style, with a single attached garage and no one above you.
The two empty units we saw were in pretty decent condition. They had dual-pane vinyl windows and a fireplace. There was a half bath on the main floor. A full bath was upstairs with the two bedrooms. One had a leak at the washer hookup, but it was going down the drain. Stuart turned it off to save water. We later found out he had also turned off the water to the next door unit, so we got to meet one of the neighbors that way.
