Fewer Sales, Higher Dollar Amounts in Springs

COLORADO SPRINGS, CO-In the first six months of the year, there were seven major apartment community sales in Colorado Springs, the second-largest city in Colorado, compared with nine sales in the first half of 2001, according to a report by Steve Rahe and Craig Stack of CB Richard Ellis. However, the seven communities sold for a total of almost $40 million, far more than the dollar volume for the same period last year, they say.

The strong sales figures this year were because two large properties changed hands this year.

Accounting for almost half of the volume was the sale of the 260-unit Wind Tree Apartments that was built in 1986 and sold for $18.65 million, or $71,731 per unit, according to the report.

The second largest deal was for the 107-unit Cheyenne Creek Apartments that was built in 1988 that sold for $9.15 million. Cheyenne Creek sold for $85,514 per unit, the highest price paid on a per unit basis so far this year.