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Denver-based Blueline Equity Partners has acquired the 108-unit Fireside Apartments in Colorado Springs in a deal valued at $13.6M.
Built in 1971, the property at 620 North Murray Blvd. includes one- and two-bedroom apartments across four buildings. Amenities include a clubhouse and leasing office, a business center, a WiFi-enabled community room, an outdoor swimming pool, on-site laundry facilities and a fitness center.
Before selling the property, Shefflin Investments completed extensive capital improvements, including new roofs, winders and sliders; landscaping upgrades; new laundry room equipment; interior common area upgrades; the addition of secure building entrance doors; and the addition of a dog park.
“Colorado Springs is experiencing a resurgence as population growth is projected to remain strong and even outpace Denver,” said CBRE First Vice President Jake Young, who, with Dan Woodward, David Potarf and Matthew Barnett, represented seller WIP-Fireside LLC, a division of California-based Meier & Shefflin Properties. “Quality of life and affordability have been the biggest drivers as residents continue to get priced out of Denver.”
Fireside Apartments is on about 2.3 acres at the intersection of East Platte Avenue and North Murray Boulevard. The grocery-anchored Murray Square Shopping Center is across the street from the property, while First & Main Town Center, home to nearly 1M SF of retail, is about 10 minutes northeast.
The complex, which is a few miles from the Colorado Springs Airport, also is near an employment hub. FedEx recently completed a $20M distribution center, and Sierra Nevada has announced a new $90M campus to include more than 2,000 jobs. In addition, Raytheon, less than 3 miles south of the apartments, recently announced a new $700M contract that will add 700 employees.
“The Airport submarket where Fireside Apartments is located is also seeing more than $100M of new initiatives, leading to the creation of thousands of jobs,” Young said. “All of these fundamentals go a long way in drawing investor interest in a property.”