Oak Coast Properties Buys Cottonwood Terrace Apartments in Colorado Springs for $37.2M
COLORADO SPRINGS, COLO. — Southern California-based Oak Coast Properties has acquired Cottonwood Terrace, a multifamily community located 2864 Dublin Blvd. in Colorado Springs, for $37.2 million. The company plans to implement a $1.5 million renovation to the community as part of a value-add investment strategy aimed at improving the marketability of the apartment units among the region’s renters.
Situated on 8.3 acres, Cottonwood Terrace features 200 apartments spread across 20 two- and three-story buildings. The units offer one- and two-bedroom layouts with open kitchens, balconies, patios, large closets and wood-burning fireplaces. Originally built in 1983, 52 percent of the rental units have undergone upgrades. The remaining units will receive enhancements, including appliances, countertops, cabinets, lighting, flooring and in-unit washers/dryers.
Community amenities include a swimming pool, grilling stations, a fitness center and laundry facility.
Echelon Property Group will manage the community. Jordan Robbins of JLL represented the undisclosed seller in the transaction.