Sagebrook Apartments in Colorado Springs Sells for $48.7M

by Nellie Day

COLORADO SPRINGS, COLO. — Sagebrook Apartments LLC has acquired the 314-unit Sagebrook Apartments in Colorado Springs for $48.7 million. The community is located at 2555 Raywood View.

This sale is the second-largest, single-property apartment transaction in the history of Colorado Springs, according to Marcus & Millichap, which represented the buyer.

The property is situated near the Promenade Shops at Briargate, the Briargate business campus, the InterQuest business park, the Pine Creek Golf Club, the Air Force Academy, Memorial Hospital North and the new Penrose St. Francis Medical Center.

Community amenities include a swimming pool, sun deck and all-season spa, 24-hour fitness center, clubroom with Wi-Fi, kitchen, fireplace area with a flat-screen television, outdoor picnic area with gas barbecues, a coffee bar and business center.

The LLC was represented by Clayton Primm, Jacob Steele and Nick Steele of Marcus & Millichap’s Denver office. The seller was Griffis Residential.

Marcus & Millichap Capital Corp. also arranged $32.3 million in acquisition financing for this transaction. The non-recourse debt placement was structured as a 30-year, fixed-rate, fully amortizing loan.

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