Tree House is located just 2.9 miles from Fifty-Five Plus, in a different submarket. Like Fifty-Five, Tree House is an older, unrenovated asset constructed in 1971 of brick and wood inserts. The Property has a small swimming pool, a manager’s office, laundry room and a well-landscaped common area. All second-floor units have lofts with vaulted ceilings.
Prior to our purchase, this asset was the most clearly under capitalized in the area.
Interior Improvements: installation of faux wood, new carpet, black appliance sets, brushed nickel hardware, plumbing fixtures, lighting packages, resurfaced countertops, as well as two-tone paint with accent walls.
Exterior Improvements: replacement of windows and wood exterior panels; upgrades to interior corridor and elevator cab; repairs to asphalt; conversion of the common room to a gym and computer room; addition of a dog park and barbecue grills; and the replacement of individual air conditioning units.
Colorado Springs is the second largest metropolitan area in Colorado. The city’s scenic setting has helped build a thriving community and attract thousands of vacationers each month. The city-owned Garden of the Gods Park is one of the area’s most popular recreation spots, while historic Colorado City and Manitou Springs, contiguous to Colorado Springs, give tourists a taste of the Old West. The casinos at nearby Cripple Creek are a popular draw in addition to the U.S. Olympic Training Center, Pikes Peak, and the United States Air Force Academy. The Greater Colorado Springs Economic Development Corporation estimates that military and defense-related employers make up more than a third of the metropolitan area’s economy. Technology, health care, financial services, nonprofits, and light manufacturing companies make up the bulk of Colorado Springs employment.
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