WILLOW RIDGE
AUDUBON PLACE
3755 E La Salle Street | Colorado Springs, CO, 80909
2420 N Union Blvd | Colorado Springs, CO, 80909
OPPORTUNITY
Centrally located in Colorado’s 2nd largest city, these properties provide convenient access to top companies in a vibrant, growing community. Colorado Springs has recorded almost 10% growth in population and households over the past 10 years and these properties are projected to benefit from the 22% average household income growth forecast for the immediate area. Less than 10 minutes away, Downtown Colorado Springs provides a short commute for over 38,000 fulltime employees at nearly 1,300 workplace establishments and provides numerous entertainment and retail options for residents. Additionally, with its location at the base of the Rocky Mountains, Colorado Springs serves as a gateway to the state for over 23.7 million annual visitors. As Colorado Springs’ popularity has grown, so have rental rates and housing prices. Effective rental rates in the Central Colorado Springs submarket increased 4.1% over the previous year and an additional 2.5% growth is expected during the remainder of 2023. Despite this growth, multifamily properties remain the affordable choice for households at nearly a 50% discount to the cost of homeownership in the area. The Palmer Park portfolio totals 59 conventional multifamily units split between Audubon Place and Willow Ridge in Colorado Springs, Colorado. Audubon Place was built in 1968 and consists of 20 units on 0.45 acres, while Willow Place was built in 1965 (one building) and 1970 (three buildings) and consists of 39 units on 0.85 acres. These properties offer distinct floor plans with one- and two-bedroom units ranging from 480 square feet to 1,216 square feet. Under long term ownership, these properties have been thoughtfully taken care of and provide the opportunity to renovate unit interiors from their current “classic” condition.
QUICK STATS
WILLOW RIDGE
39
1965/1970
UNITS
YEAR BUILT
AUDUBON PLACE
20
1968
UNITS
YEAR BUILT
01
SIGNIFICANT CAPITAL IMPROVEMENTS COMPLETE
Under longterm ownership, Audubon Place and Willow Ridge have been exceptionally maintained and offer investors an opportunity to take these assets to the next level. Significant capital expenditures have been made by the current owner including new boilers, new landscaping, new stucco, new exterior lighting, gutters, window replacements, exterior paint, and recently sealed and stripped parking lots. With these mechanical and structural systems in excellent condition, an investor will be able to focus on interior value-add renovations and operational upside.
LOCATION
POINTS OF INTEREST
WILLOW RIDGE
AUDUBON PLACE
PHOTO GALLERY
Willow Ridge
CONTACT INFO
DENVER OFFICE
1331 17th Street 10th Floor Denver, CO 80202
Phone: 303.689.8312 Fax: 303.689.8352
INVESTMENT ADVISORS:
MORTGAGE BANKERS:
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