193
COLORADO SPRINGS, COLO. – Advenir has purchased the 220-unit Briarglen Apartments in Colorado Springs for $16.35 million. It plans to invest $1.1 million in capital improvements for the apartment community. Briarglen was built in 1986 and partially renovated in 2007. It is currently 97 percent leased. This is Advenir's first Colorado-based acquisition. The multifamily real estate investment and management firm hopes to acquire 1,500 to 2,000 units in Denver and the surrounding area in the next 24 months. Advenir represented itself in the transaction, while Apartment Realty Advisors' Doug Andrews represented the seller, RedPeak Properties.