Buchanan Street Partners recently acquired Creekside at Palmer Park, a 328-unit Class A apartment complex in Colorado Springs, Colorado for $72.5 million from Griffis Blessing. Built in 2003, the complex is a mix of one, two and three-bedroom apartments with an average of 993 square feet per unit, exceeding the standard unit size in the market. The property was 95 percent leased at the time of acquisition and will undergo interior unit upgrades in Q1 2019, along with substantial renovations to communal amenities, which include a swimming pool and spa, outdoor barbeques, a club house and fitness center. David Potarf and Jake Young of CBRE represented the seller in the transaction. Buchanan Street represented itself.
The purchase dovetails with Buchanan Street’s multifamily investment strategy focused on acquiring high-quality assets in markets with strong fundamentals. Colorado Springs is currently one of the hottest housing markets in the U.S. It boasts a booming job market with unemployment rates as low as 3.6 percent and holds the No. 2 spot in U.S. News & World Report’s 2018 Best Places to Live.