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Colliers Brokers $26.1M Sale of Palmer Park Apartments in Colorado Springs

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Palmer Park Apartments in Colorado Springs, Colo., features 200 units spread across 20 two-story buildings on 9 acres.

COLORADO SPRINGS, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of The Palmer Park Apartments, a multifamily property located at 1304 E San Miguel St. in Colorado Springs. Roundhouse, a Los Angeles-based investment and development firm, sold the asset to Los Angeles-based Clear Capital for $26.1 million, or $130,500 per unit. The acquisition price is a record price per square foot for the multifamily assets built in Colorado Springs before 1990.

Built in 1949, Palmer Park Apartments features 200 units. Originally constructed as military housing in a low-density setting with 20 two-story buildings on nine acres, the property has operated as a market-rate property for years.

Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the transaction.

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