COLORADO SPRINGS

 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.  

Fairway View

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  116 UNITS

 4 BUILDINGS

  

Fairway View is a three-story, interior-corridor, garden-style community built in 1969 across 4.25 acres. It includes approximately 150 parking spaces, a clubhouse, a dog run, fitness center, picnic/BBQ area, a community garden, playground and a pool. The Property offers three different floor plans and the average unit size totals 692 square feet.

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Fairway View’s picturesque setting backs up to Valley Hi Golf course and is conveniently located at the popular intersection of Circle Drive and Highway 24. 


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Interior Improvements: installation of gray vinyl flooring, new carpet, new appliance sets, hardware, plumbing fixtures and lighting packages, resurfaced countertops, and new cabinet fronts 


Exterior Improvements: upgrades to clubhouse, office, landscaping, elevator, new paint and replacement of floors paint in the stairways and hallways


Fifty-Five Plus

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60 UNITS 

1 BUILDING 


Fifty-Five Plus was purchased together with Tree House. All units are located inside a two-story interior-corridor brick building, and was constructed in in 1968.    The building has one elevator; floors are connected by open stairwells that share a common glassed walkway that runs above the building’s main entrance. 

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The Property includes a manager’s office connected to a common room with a full kitchen and bathrooms.  


Interior Improvements: new carpet and the installation of faux wood, black appliance sets, brushed nickel hardware, plumbing fixtures, lighting packages, resurfaced countertops, and two-tone paint with accent walls 

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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. 

BEFORE & AFTER

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Newport Square

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118 UNITS

2 BUILDINGS


The Newport Square Apartments were built in 1973 and have a mix of one-and-two-bedroom units averaging 651 square feet, with two center courtyard pools, situated on just over 2.71 acres.

The Property is in close proximity to major job centers; the Peak Vista Community Health Center is r





  The Property is in close proximity to major job centers; including Peak Vista Community Health Center, the Peterson Air Force Base, Fort Carson Army Base, and Citadel Mall.

 

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Interior Improvements: two-tone paint with accent walls and the installation of faux wood flooring black appliance sets, over-range microwaves, brushed nickel hardware, plumbing fixtures, lighting packages, resurfaced countertops, washers and dryers


Exterior Improvements: roof, carport and fencing replacement; children's playground equipment installation; upgrades to landscaping; renovations to the office, clubhouse, two Jacuzzi rooms, railings and catwalks.

Tree House

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  60 UNITS

5 BUILDINGS

 

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.  


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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.

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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. 

BEFORE & AFTER

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