​Denver – Transwestern’s Denver Multifamily Investment Services Group today announces the sale of Vistas at the Citadel, a 209-unit community located at 3955 Easy Bijou St. in Colorado Springs. A private investor from California acquired the property for $12.65 million, or $60,526 per unit, as the second transaction in a 1031 exchange. Transwestern’s Tom Wanberg and John Blackshire represented the seller, Central Development, in the disposition.

“This opportunity received a high amount of investor interest for the Colorado Springs market,” said Blackshire. “Prices remain attractive to the majority of buyers compared to other markets, and we expect to see continued interest from capital sources as long as vacancy stays low and rental rates continue to surge upwards.”

Located near the Citadel Mall in Colorado Springs, this multifamily property is located near multiple retail and employment centers. The property includes seven three-story buildings comprised of an assortment of junior apartments and two- and three-bedroom units.

Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Denver office, follow @TranswesternCO.

Media Contact:
Lauren Kendall