Riddle and Cavanor of Capstone sell two multifamily buildings for $1.31 million

Colorado Springs, CO Capstone has closed the sale of Canyon Retreat Apartments, a 5,252 s/f multifamily property for the sale price of $1.31 million. Adam Riddle and Conor Cavanor of Capstone brokered the transaction.

Canyon Retreat Apartments, located at 3737 and 3746 Red Canon Pl., was built in 1955. The property consists of two buildings: the first has eight units, featuring a mix of four studios and four one-bedroom/one-bath apartments, while the second building features two one-bedroom/one-bath apartments along with a separate shared laundry space. The seller is long-standing client of Capstone and has owned this property since 2015. The decision to sell is due to the owner residing out of state.

We contacted the buyers because they have a presence in the submarket. They were chosen because they had strong lending relationships in Colorado Springs, as well as both owning several other multifamily investments in the area. This property had been previously operated as an Airbnb and with their experience, it gave them a leg up on other investors.

Canyon Retreat Apartments is located right off Highway 24, situated between Old Colorado City and Manitou Springs.