COLORADO SPRINGS, CO – Walker & Dunlop, Inc. announced that it has completed the $ 50,000,000 sale of Ironwood in Palmer Park, a 192-unit apartment building with tremendous value creation potential in Palmer Park, a suburb of Colorado Springs, Colorado.
Directors Jake Young, Dan Woodward, David Potarf and Matt Barnett led the Walker & Dunlop sales team and acted as exclusive advisers to Priderock Capital Partners, the seller. The team handled the off-market sales process and ultimately facilitated the sale to Tara Investment Group / Shefflin Investments, a privately held investment, development and brokerage company based in California.
Mr. Young commented, “The competitive sale of this prime asset is testament to the strength of the Colorado Springs multi-family market. The flow of capital into the area has never been so strong that prices can be compared to the Denvermarket and there is a great appetite for value. Add real estate. This sale was also part of a larger $ 115,000,000 portfolio swap that we completed that comprised approximately 514 units in four different properties. "
Joel Shefflin added, “What was unusual about this transaction was that Shefflin Investments sold its longstanding Colorado Springs portfolio of Aspen Townhomes, Montecito and Broadmoor Springs Apartments – 322 units in total – to Priderock Capital Partners who acquired the 192 units of Ironwood in Palmer Park from Priderock in a simultaneous exchange. "He continued," This transaction is helping to catalyze our growth into new markets such as our recent acquisition of The Ledges in Tucson, Arizona and another planned acquisition in the Phoenix market . "
Ironwood at Palmer Park is minutes from Palmer Park, a 737-acre game reserve and table mountain overlooking Colorado Springs, and provides residents with direct access to hiking, biking, horseback riding, and other outdoor sports. The property is also within walking distance of retail stores, grocery stores, restaurants, and entertainment, all of which are located along the popular North Academy Boulevard. The property offers spacious two bedroom apartments with private balconies and patios, fireplaces, and washers and dryers in the unit. Communal facilities include a pool, leasing office, playground, volleyball court, gym, barbecue and picnic areas, and a business center.