Walker & Dunlop Completes Colorado Springs Multifamily Portfolio Sale
Walker & Dunlop, Inc. announced today that it completed the sale of Viridian Edge at the Park and Western Hills, two value-add apartment communities totaling 432 units in Colorado Springs, Colorado. Colorado Springs is home to an educated workforce, attracted by a diverse set of industries, excellent schools, and surrounding nature.
A joint venture between Griffis/Blessing and Freshwater Investments owned Viridian Edge at the Park and Griffis/Blessing exclusively owned Western Hills. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett, and Jake Young served as exclusive advisors to the owner, Griffis/Blessing. Following a competitive marketing process, the team facilitated the disposition of both properties to Birge & Held, the buyer.
“The Colorado Springs portfolio represents our commitment to conserving affordable housing on the Front Range and in the High Country,” said Chris Brennan of Birge & Held. “We are excited that this expands our footprint to the community of Colorado Springs and our portfolio to 1,200 plus units. Our local partners and team members look forward to engaging with our new residents.”
Mr. Young commented, “We were thrilled to offer the whole platform to our clients, including facilitating a quick closing with a unique capital structure. Both the buyer and seller were excellent partners throughout this process and were integral to the success of the transaction.”
Located by the scenic Rocky Mountain front range, Viridian Edge at the Park is situated just ten minutes from the revitalized Downtown Colorado Springs, in the northern suburbs. Western Hills is located in the Southeast suburbs next to the Colorado Springs Airport, where Amazon recently constructed a four million square-foot distribution center that will employ more than 1,000 workers. Combining the best of both worlds, these properties provide access to major employment centers and proximity to downtown amenities while being surrounded by endless outdoor activities.
Walker & Dunlop is a leader in multifamily property sales, having completed $19.3 billion in property sales volume in 2021 alone, up 214% from 2020. The firm was also the third largest provider of capital to the U.S. multifamily market, originating $49 billion in transactions and lending over $42 billion for multifamily properties in 2021. For information about multifamily properties available for sale via Walker & Dunlop's investment sales platform, visit our website.