Walker & Dunlop Completes $50 Million Sale for Colorado Springs Apartment Property
Walker & Dunlop, Inc. announced today that it completed the $50,000,000 sale for Ironwood at Palmer Park, a 192-unit multifamily property with tremendous value-add potential in Palmer Park, a suburban neighborhood in Colorado Springs, Colorado.
Managing Directors Jake Young, Dan Woodward, David Potarf, and Matt Barnett led the Walker & Dunlop sales team, serving as exclusive advisors to Priderock Capital Partners, the seller. The team handled the off-market sales process, ultimately facilitating the disposition to Tara Investment Group/Shefflin Investments, a private investment, development, and brokerage firm based in California.
Mr. Young commented, “The competitive sale for this prime asset is a testament to the strength of the multifamily market in Colorado Springs. Capital flow to the area has never been stronger, driving pricing comparable to the Denver market and an abundant appetite for value-add properties. This sale was also part of a larger $115,000,000 portfolio exchange that we handled, which included approximately 514 units across four different properties.”
Joel Shefflin added, “What was unusual about this transaction is that Shefflin Investments sold its long-held Colorado Springs Portfolio comprising Aspen Townhomes, the Montecito, and Broadmoor Springs Apartments – totaling 322 units – to Priderock Capital Partners. Then, in turn, we acquired the 192-unit Ironwood at Palmer Park from Priderock in a simultaneous exchange.” He continued, “This transaction is helping catalyze our growth into new markets, exemplified by our recent acquisition of The Ledges in Tucson, Arizona, and another planned acquisition in the Phoenix market.”
Located minutes from Palmer Park, a 737-acre wildlife preserve and mesa overlooking the Colorado Springs, Ironwood at Palmer Park offers residents immediate access to hiking, biking, horseback riding, and other outdoor sports amenities. The property is also located within walking distance to retail shops, grocery stores, restaurants, and entertainment options, all located along the popular North Academy Boulevard. The property offers spacious two-bedroom apartment homes with private balconies and patios, fireplaces, and in-unit washers and dryers. Community amenities include a pool, leasing office, playground, volleyball court, fitness facility, grilling and picnic areas, and a business center.
Walker & Dunlop is a leader in multifamily property sales, having completed $4.74 billion in property sales volume in the first half of 2021, a 117.43% increase over the same period in 2020. The firm was also the top provider of capital to the U.S. multifamily market, originating $31 billion in transactions and lending over $24 billion for multifamily properties in 2020. For information about Walker & Dunlop's view on the apartment market, read our recently-released Summer 2021 Multifamily Outlook Report.