Colorado Springs, CO (July 26, 2019) – Buchanan Street Partners, a Newport Beach, California-based real estate investment management firm has acquired a 240-unit, 2002 built, multifamily community in Colorado Springs, Colorado from Griffis Blessing.
The Ridgepointe at Gleneagle property consists of 13 buildings on 15 acres of land and was 95% occupied at the time of acquisition. The community is located at the Northern end of Colorado Springs, which boasts some of the highest median income and home prices within the City coupled with one of the best schools in the state of Colorado.
The purchase dovetails with Buchanan Street’s multifamily investment strategy focused on acquiring high-quality assets in markets with strong fundamentals. Colorado Springs as a whole has experienced tremendous growth, with a 65% population growth since 2000. It also has the 6th highest share of millennials in the nation. Colorado Springs is currently one of the hottest housing markets in the U.S. with a booming job market and low unemployment rates. In addition, Colorado Springs holds the No. 2 spot in U.S. News & World Report’s 2018 Best Places to Live.
Buchanan will renovate the unit interiors along with substantial improvements of the common area amenities which Buchanan believes will enable the property to match and compete with those of newer projects that have been recently developed within the submarket.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, California that focuses on value-investing in both commercial and multifamily direct ownership and in making debt investments. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation.