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Apartments dominate
The biggest real estate deals of 2012 had a common theme. Seven of the 10 were apartment complexes. As Nor?wood Development Group and a few others started construction on some of the first new apartments in Colorado Springs in the past decade, investors knocked on brokers? doors looking for existing properties to buy.
Those listed here are just a few among almost 30 major apartment complexes that sold before mid-December.
Compassion International kept with another trend that stuck throughout 2012. Users have been buying distressed buildings at discounts to save money on future growth or so they could move out of spaces where they were paying rent.
But no sale topped the Palisades Park senior living center sale.
Top 10 deals:
1.) Palisades at Broadmoor Park, 4531-4547 Palisades Park View
New owner: Palisades I MSL LLC
Sale price: $24.29 million
Sale date: N/A
Property description: Irvine, Calif.-based MBK Senior Living purchased this senior living facility in the Broadmoor area. Dunn & Associates, owned by Jeff Dunn, sold the facility, which earlier this year partnered with the University of Colorado Colorado Springs.
2.) Sunset Creek, 5362 N. Nevada Ave.
New owner: Seagate Sunset Associates LLC
Sale price: $20.44 million
Sale date: March 1
Property description: Seagate is a California-based company that has been buying several apartment properties in Colorado Springs over the last year and a half. This is an apartment complex built in 1969 near the University Village Colorado shopping center.
3.) Stone Ridge, 1695 Monterey Road
New owner: ERGS XII Reo Owner LLC
Sale price: $18.88 million
Sale date: July 10
Property description: The Stone Ridge Apartments are a large apartment complex on the southwest side of town that includes 16 buildings constructed in the 1980s on almost 18 acres.
4.) Tanager Meadows, 1310 Michelle Court
New owner: RCS-TM Apartments LLC
Sale price: $17.88 million
Sale date: Nov. 1
Property description: The Tanager Meadows Apartments is a large apartment complex split between this property and the following property. This one includes 17 apartment buildings constructed in 1984 on 10.43 acres.
5.) Tanager Meadows, 1204 Sandalwood Drive
New owner: RCS-LH Apartments LLC
Sale price: $17.88 million
Sale date: Nov. 1
Property description: The Tanager Meadows Apartments is a large apartment complex split between this property and the previous property. This one includes 17 apartment buildings constructed in 1985 on 10.52 acres.
6.)??Sam?s Club, 1850 E. Woodmen Road
New owner: Cole SC Colorado Springs CO LLC
Sale price: $17.3 million
Sale date: Jan. 23
Property description: This is the Sam?s Club retail store near the intersection of Woodmen Road and Academy Boulevard. Built in 1998, it encompasses more than 11 acres.
7.) Whispering Hills, 210-290 Rimview Road
New owner: ERGS XII REO Owner LLC
Sale price: $16.7 million
Sale date: July 10
Property description: Whispering Hills apartments off Rockrimmon Boulevard. It includes 12 apartment buildings constructed in 1984 on more than 11 acres.
8.) Bonterra, 840 Bayfield Way
New owner: GB Bonterra LLC
Sale price: $16.45 million
Sale date: Sept. 6
Property description: Bonterra Apartments, located on the shore of Quail Lake in the Cheyenne Mountain area. It includes 12 apartment buildings constructed in 1973 on more than 12 acres.
9.) Vista Del Oro Boulevard
New owner: MREC Oakwood Colorado Ranch LLC
Sale price: $16.41 million
Sale date: May 23
Property description: This is a 944-square foot ranch home and barn built in 1899. It sits on 1,418.79 acres of agricultural grazing land in Peyton.
10.) LexisNexis, 555 Middle Creek Parkway
New owner: Compassion International
Sale price: $15.75 million
Sale date: June 22
Property description: Compassion International bought the LexisNexis building next door to its existing location, extending its current property line and giving the nonprofit organization room to grow without having to build a new structure. Tim Glenn, Compassion spokesman, said the organization isn?t using the space yet and is leasing it out to other tenants. But if the organization were to have expanded on its current site, it could have cost $40 million.
Source: http://csbj.com/2012/12/20/top-10-real-estate-deals-of-2012/
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