Knowlton of Capstone sells Union Boulevard Apartments for $6.4 million

Colorado Springs, CO Capstone has closed the sale of 801-849 S Union Blvd., a 29,732 s/f multifamily property for the sale price of $6.4 million.  Pat Knowlton of Capstone represented the seller and the buyer.

Union Boulevard Apartments was built in 1972 and has undergone significant upgrades throughout the property, including parking lots, exterior painting, and renovated just over half of the units. This asset offers a strong value-add opportunity for the new owner and a great in place cap rate. The property has all large 970 s/f, two bed and one bath units making for a streamlined renovation implementation strategy. The new owner plans to continue renovating the units and bumping rents to market rate for the foreseeable future.

Union Boulevard Apartments is located on the corner of S Union Blvd. and Whitman Rd. The property is within minutes to downtown, Colorado Springs Airport and is within walking distance to Memorial Park.