Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Denver Office
1331 17th Street
10th Floor
Denver, CO 80202
Investment Advisors:
Mortgage Bankers:
Robert Doxsee
Managing Director
425.777.0235
robert.doxsee@berkadia.com
Winston Black
Senior Director
719.634.1600
winston.black@berkadia.com
Nick Steele
Managing Director
303.689.8306
nick.steele@berkadia.com
Nate Moyer
Director
303.689.8320
nate.moyer@berkadia.com
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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.
Significant Capital Improvements Complete
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With many of the large exterior capital projects complete, and well-maintained units at both properties, a new owner will have the opportunity to focus on programmatic interior renovations to drive significant rent premiums. Renovations at nearby properties that are achieving rental rate premiums include resurfaced countertops, new cabinet fronts with modern pulls, stainless steel appliances, vinyl flooring, and modern light fixtures. All 20 units at Audubon Place and 38 of the 39 units at Willow Ridge are in “classic” condition and are primed for renovations that are expected to increase rental rates by an average of $170 per month. Operationally, Willow Ridge provides the opportunity for additional income growth through increasing parking rates and leasing existing on-site storage units. Finally, with the implementation of a pet policy, ancillary income can be increased through up-front and reoccurring fees.
Physical and Operational Value-Add Upside
Both Audubon Place and Willow Ridge are located minutes from Palmer Park, the largest urban park within the Colorado Springs metro. With 730 acres and over 25 miles of trails Palmer Park provides residents plentiful opportunities for the outdoor recreation that is associated with Colorado. Amenities within the park include multiple dedicated sports fields and courts, a playground, horse stables, a botanical reserve, 2 dog parks, restrooms, and dedicated picnic areas, all with Colorado Spring’s best views of Pikes Peak.
Adjacent to Premium Recreation - Palmer Park
As primary drivers of apartment demand, Colorado Springs has benefitted from an exceptionally strong job market and explosive population growth. Employment growth in Colorado Springs has averaged 2.37% over the previous ten years as compared to the national average of 1.34%. This has resulted in an unemployment rate of just 2.9%, well below the national average of 3.6%. The strong job growth is projected to continue with a 5-year forecast of 0.66%, nearly double the nations of 0.36%. As a result, the population growth has been above the national rate and is projected to grow 6.5% over the next 5 years. According to the State of Colorado, Colorado Springs is projected to surpass Denver as the state’s largest city by 2050.
Steady Population and Employment Growth
With their central location Audubon Place and Willow Ridge provide convenient access to many of the top employers in the region. Totaling over 296,000 jobs, the communities’ location provides quick access to household-named employers such as Amazon, Progressive Insurance, USAA, UC Health, Centura Health, Comcast, HP, T.Rowe Price, Lockheed Martin, CenturyLink, Hewlett Packard, ENT Credit Union and Oracle. In addition, Colorado Springs continues to be a desirable home for leading defense contractors and related business. Demonstrated by more than 250 aerospace and defense companies, including Northrop Grumman, Beocore, Boeing, and Raytheon, who all proudly call Colorado Springs their home.
Proximity to Top Employers and Leading Defense Contractors
Phone: 303.689.8312
Fax: 303.689.8352
Gareth Whitham
Financial Analyst
303.689.8345
gareth.whitham@berkadia.com
Annie Liston
Operations Director
303.689.8356
annie.liston@berkadia.com
Samuel Maldonado
Transaction Manager
303.607.9012
samuel.maldonado@berkadia.com
Christopher Ellis
Senior Managing Director
303.689.8317
christopher.ellis@berkadia.com
3755 E La Salle Street | Colorado Springs, CO, 80909
Willow Ridge
2420 N Union Blvd | Colorado Springs, CO, 80909
Audubon Place
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.
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